Snoras bankruptcy administrator claims first victory in 11-million-euro legal battle with Meinl Bank

Early this year the Vienna International Arbitral Centre adopted a decision by which a claim by the Austrian bank Meinl Bank AG against Bankas Snoras was dismissed. It thus recognized that a pledge agreement which Meinl and Snoras made in 2011 is to be deemed null and void under Austrian law. On the basis of that specific agreement, 11 million euros was appropriated from Bankas Snoras in September 2011.