Lithuania to dismantle troubled bank
VILNIUS, Lithuania—Lithuania's central bank says it will dismantle a bank that was nationalized last week after regulators discovered that large sums of money were missing.
The Bank of Lithuania says liquidation of Snoras Bank was the best solution for the state's financial system and economy, which have been jolted after operations of its fifth-largest bank were halted.
Bank chief Vitas Vasiliauskas said Thursday the state should not waste taxpayers' money trying to salvage the bank.
Hundreds of millions of euros (dollars) are believed to have been siphoned off from Snoras and a subsidiary bank in neighboring Latvia.
Lithuanian authorities issued an arrest warrant for Snoras' owners -- Russian businessman Vladimir Antonov and his Lithuanian partner, Raimondas Baranauskas.