OREANDA-NEWS. Akcine bendrove bankas Snoras (in administration) (Snoras) and Ernst & Young Baltic UAB (EYB) have reached a settlement on matters concerning EYB's audits of Snoras prior to the bank being nationalised in 2011. As part of this settlement EYB has agreed to pay LTL40,000,000 into the bankruptcy estate. The parties are pleased to have the matter resolved amicably and in a manner that is mutually beneficial to both parties and Snoras' creditors. The settlement has concluded without any admissions of responsibility by either party and recognises the commercial benefits in bringing this matter to a close. 

The settlement agreement has been approved by Snoras' Creditors' Committee. Court approval will now be sought from Vilnius District Court, which will trigger payment to the bankruptcy estate.

No further comments will be issued.