OREANDA-NEWS. May 25, 2012. Neil Cooper, Bankruptcy Administrator of BAB Bankas SNORAS (In Bankruptcy) (“the Bank”) can confirm that the Bank has brought civil proceedings against Mr Vladimir Antonov, the previous majority shareholder, to recover damages totalling at least EUR 492 million for breach of duty arising under Lithuanian Law and relates to allegations of misappropriation and misuse of BAB Bankas SNORAS’ assets. Additional claims may follow. In support of those proceedings, the Bank applied for, and was granted, a world-wide freezing order by Mr Justice Teare in the English Commercial Court (the ”Court”) on 18 May 2012 (“the Order”).

Under the terms of Order, Mr Antonov must not in any way dispose of, deal with, or diminish any of his assets anywhere in the world up to the value of EUR 492 million. The Order applies to all of Mr Antonov’s assets, including those that he has the right to deal with or dispose of, including assets or accounts that are not in his name, or which are held jointly with another person.

The Order states that any person who knows of the Order and does anything which helps or permits Mr Antonov to breach the terms of this Order may be held to be in contempt of court and may be imprisoned, fined or have their assets seized if within the jurisdiction of the English court.

As the Order was made at a hearing without notice to Mr Antonov, he has a right to apply to the Court to vary or discharge the Order. The hearing for this purpose will be 15 June 2012.