Bankrupt Snoras bank held accounts for 900 of the approximately 50 thousand Lithuanian companies. About 240 of them probably will not recover all their money, thirty may be at risk of insolvency, says Economic Minister Rimantas Žylius, delfi.lt reported on 25 November.
“About thirty companies could face the situation of insolvency, if the company or shareholders abstain from further measures to ensure solvency,” – said government spokesman R. Žylius on Friday. According to him, the companies’ market capitalization is around 9.3 million litas or about 0.01 percent of the capitalization of all the companies in Lithuania
“We fully understand the impact on the economy will not be significant, but the impact on specific firms will be concrete: lost money and jobs, for those that stand with them. What I want to assure you, especially those thirty companies and others, is that “Invega” and the Ministry of Economy will intensely work to enable them to refinance and resolve their situations. I also want to assure business – my goal is that companies, in particular, will recover the funds, “- said the Minister of Economy. According to him, the heavily burdened companies will not accrue interest during the time taxes are unpaid.
“For those companies whose main resources were at the Snoras bank, this is sufficient basis to apply to the Social Insurance Fund (Sodra) and the Tax Inspectorate, in order to qualify for tax credits or set-aside payment on the amount of tax and interest payable on taxes not paid in time,” – said Minister R. Žylius.
According to him, about 260 firms in Lithuania should recover all the funds on hold, as well as only a fraction of the amount in excess of 100 thousand euros.