Antonov’s organisation criticised by Lithuanian authorities for reckless lending


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Wednesday, 13 July 2011
Bank of Lithuania accuses the Lithuanian bank Snoras, which is co-owned by Russian the businessmen who also have interest in Swedish automaker Saab, Vladimir Antonov, for breaking the lending law and engaged in reckless lending.

The criticism may be one reason why the European Central Bank (EIB) has so far been finding it difficult to provide information on Antonov future in the ownership saga in Saab Automobile, reports Swedish Radio.


At a meeting on 18 January an EIB board member called for actions on improvement in activities of Snoras, where Antonov is chairman. According to an Executive Protocol radio Sweden is aware of, show that the bank has been breaking the law in that it does not handle securities transactions as required and has lent money in a casual manner.

Among other things, Antonov’s bank is reported to have given a very large loan to a Russian company with a history of refusals by other banks. Snoras is also said to have made big losses last year. The central bank's criticism of the bank in January forced the bank to make new issue in the spring, according to radio Sweden.
By Team

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