2011-11-22
The Bank of Lithuania refused to issue permission to register an amendment to AB bankas SNORAS articles of association regarding the increase of capital
After determining that former main AB bankas SNORAS shareholders Vladimiras Antonovas and Raimondas Baranauskas are not persons of impeccable reputation, the Board of the Bank of Lithuania decided to refuse to register the amendment to the bank’s articles of association related to the increase of the authorised capital.
The decision was made, taking into consideration the enforcement measure imposed by the Resolution of the Board of the Bank of Lithuania of 16 November 2011 – the restriction of operation – and the fact that during the application of the enforcement measure Vladimiras Antonovas and Raimondas Baranauskas were the bank’s managers and the holders of the bank’s qualifying holding in the authorised capital and/or voting rights. If permission to register amendments to AB bankas SNORAS articles of association was issued, the said persons could become the bank’s shareholders again. The Board stated that the registration of the articles of association would violate the interests of the bank’s creditors.
After the Board of the Bank of Lithuania made the decision to refuse to issue permission to AB bankas SNORAS to register the amendment to the bank’s articles of association related to the increase of the authorised capital, the persons that paid up for the bank’s shares acquired the right to request AB bankas SNORAS to return to them the funds paid for the subscribed shares. The claims in writing should be submitted to AB bankas SNORAS.
However, currently the issue of returning the funds paid for the subscribed shares to investors, same as the issues of meeting other claims of the bank’s creditors, should be solved, taking into consideration the fact that bank operation restrictions were imposed on AB bankas SNORAS and a temporary administrator was appointed for it.
Amendments to AB bankas SNORAS articles of association, which envisage the increase of the bank’s authorised capital from LTL 494 million to LTL 874 million, were approved at the shareholders’ meeting of 21 December 2010. The majority of the shares of new issue were redeemed by Vladimiras Antonovas, Raimondas Baranauskas and JFP Emerging Europe Momentum Fund.