| Contact Us | About UsAdvertisement | 
Weather Forecast


Antonov banks in the Baltic collapsed
Wednesday, 23 November 2011
The Russian man Vladimir Antonov, who was supposed to have bought Saab automobile or be part owner with Victor Muller’s organisation, has seen his banking business in Lithuania and Latvia  crumbled.
This follows reports and denials last week that the bank was in deep problems.  €300 million, close to just over 2.7 billion, has been reported missing in the Lithuanian Snorasbankens balance sheet. And the situation is not looking good even for its subsidiary bank Latvijas Krajbanka in Latvia which si also facing closure.

Concerns about Latvijas Krajbanka forced the Latvian Debt office yesterday to close up this week's planned auction of new ten-year government bonds for a total of 10 million lats (about Skr130 million). According to Latvia's central bank governor, there is no systemic risk to the country's banking system due to the closure of Krajbanka.

Already, last week the Bank of Lithuania saw a hole of €300 million in Krajbankas parent bank’s balance sheet. According to Vitas Vasiliauskas, Lithuania's central bank governor, no significant amounts of collateral were held by foreign institutions.

“When we asked these foreign institutions on the securities they replied that they did not exist,” he had says.
The Lithuanian central bank fears to that the bank could become insolvent and have difficulty in paying its bills. There are also suspicions about possible criminal activity, according to a statement from the Central Bank.

Lars Carlstrom has been the Russian financier, Vladimir Antonov’s  Swedish spokesman during the spring and summer protracted negotiations to take over Saab automobile  and he notes that the development of the Antonov two Baltic banks are "very serious".

“Otherwise, I do not know much of what is happening there but it seems dramatic,” he says.
The lack of money is of course serious, it may have been something that Antonov "borrowed" to add into the Saab but one must be careful about speculation, but who knows.

Snoras is Lithuania's fifth largest bank owns most by Vladimir Antonov. According to the Latvian authorities Snoras subsidiary, Latvijas Krajbankas has been closed when irregularities are suspected in the bank.
By Scancomark.se Team

| Print Friendly and PDF| Write to the editor | Complaint about this article | Make a Comment |
Swedband to cut workers more than previously thought

What do you think about the above article? Please leave us a comment and reaction. Thank you.
  • Should be Empty: