The insolvency administrator of Lithuania’s bankrupt bank Snoras and Swiss bank Julius Baer & Co. Ltd amicably settled a legal dispute over the financial transactions made by Snoras’ former executives and shareholders when they transferred large amounts of money to foreign banks.
Under the signed agreement, Julius Baer & Co Ltd will pay 105 million euros to Snoras, the bank said.
Gintaras Adomonis, Snoras’ administrator, says the amicable agreement marks the end of a very important stage in the former bank’s bankruptcy process. (BNN/Business World Magazine)