Antonov sued for 500 million euros

VILNIUS - Snoras Bank, the failed Lithuanian lender that was seized by the government in November, sued former owners Vladimir Antonov and Raimondas Baranauskas in Britain for 395.5 million pounds (497 million euros), reports Bloomberg.
Antonov and Baranauskas breached their duties to Snoras and misappropriated or misused its assets, the bank said in a lawsuit filed May 18 in London and made public on June 21. The men were arrested by British police and freed on bail in November after Lithuania issued a European arrest warrant and sought their extradition to face a parallel criminal case alleging fraud and embezzlement. Both men have denied the claims.

The Lithuanian government took over Snoras, the country’s third-biggest lender by deposits, on Nov. 16 after the central bank said it couldn’t account for some of its reported assets. Snoras’ missing property may be in Austria, the Cayman Islands, France and Luxembourg, among other countries, the central bank has said.
Antonov told a U.K. judge in December the case is a politically motivated “campaign of revenge.”
Snoras’s lawyer, Greg Reid of Linklaters, didn’t immediately return a call for comment. Kevin Gold, the former owner’s lawyer with Mishcon de Reya in London, also didn’t return a call.

Some of Antonov’s assets have been frozen.