The court appointed the company Valnetas as bankruptcy administrator for the bank. The court’s decision might be contested before the Lithuanian Court of Appeals within ten days, the court said in a press release.
Ūkio Bankas’ interim report of March 18, which was prepared by the bank’s temporary administrator, Adomas Audickas, and KPMG Baltics, has shown that the net value of the bank’s remaining assets totals 356.322 million litas (EUR 103.3m), while its liabilities stand at 1.583 billion litas and exceed the value of assets by 1.227 billion litas.
The central Bank of Lithuania declared the bank insolvent in February and permanently revoked its operating license. Later, Šiaulių Bankas took over 2.7 billion litas in insured deposits and 1.9 billion litas in assets from Ūkio Bankas under the deal signed on February 23. The balance of nearly 800 million litas between the liabilities and assets was covered by the governmental deposit and investment insurance vehicle, Indėlių ir Investicijų Draudimas (Deposit and Investment Insurance).
The “bad” part of Ūkio Bankas mostly includes assets related with Vladimir Romanov, the key single shareholder of the collapsed lender, while the bank’s uninsured depositors mostly include foreign companies and private individuals.
The operations of Ūkio Bankas were suspended on February 12.
