Swiss private bank Julius Baer stanched a claim related to former clients in Lithuania, but the matter is moving to a Swiss court.
335 million euros ($373 million) plus 5 percent interest since December 2011 – that's what the liquidator of Snoras Bank wants from Julius Baer. The now-defunct bank's administrator accuses the Zurich-based private bank of not doing enough to prevent assets from being embezzled.
A Lithuanian court in autumn 2018 refused to hear the case, saying it wasn't responsible. Snoras' administrator is now attempting to sue Julius Baer for the damages in Geneva instead, the bank said in a statement on Thursday. Assets belong to Russian Vladimir Antonov and Lithuanian Raymond Baranauskas at Julius Baer were already frozen as part of the last case.
Bank Run
Antonov had held 68 percent of Snoras, while Baranauskas controlled one quarter. Snoras was nationalized following the suspected embezzlement, which in 2011 sparked a run on the bank's assets.
The two are accused of defrauding the bank of 565 million euros. Julius Baer has repeatedly denied any role. «The bank continues to contest the claim vigorously while taking appropriate measures to defend its interests,» it said on Thurday.
