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Vladimir Antonov was 'primary mover' in bank fraud, hearing told | Vladimir Antonov was 'primary mover' in bank fraud, hearing told |
(34 minutes later) | |
The former owner of Portsmouth Football Club was the "primary mover" in a fraud worth almost 500m euros (£420m), a court has heard. | |
Russian Vladimir Antonov, 37, and his Lithuanian business partner Raimondas Baranauskas, 55, are fighting extradition to Lithuania. | Russian Vladimir Antonov, 37, and his Lithuanian business partner Raimondas Baranauskas, 55, are fighting extradition to Lithuania. |
The pair are alleged to have stripped funds and assets from Lithuanian bank Snoras, which was controlled by Mr Antonov. | The pair are alleged to have stripped funds and assets from Lithuanian bank Snoras, which was controlled by Mr Antonov. |
Both men deny fraud and theft charges. | Both men deny fraud and theft charges. |
The hearing at Westminster Magistrates' Court was told the pair also submitted false documents to the Lithuanian central bank to conceal their activity across 33 transfers between 2008 and 2011. | The hearing at Westminster Magistrates' Court was told the pair also submitted false documents to the Lithuanian central bank to conceal their activity across 33 transfers between 2008 and 2011. |
John Hardy QC, prosecuting, said: "Over the course of the period, securities and cash were transferred from Snoras accounts to private accounts owned, or least controlled and managed, by these two defendants in vast quantities. | John Hardy QC, prosecuting, said: "Over the course of the period, securities and cash were transferred from Snoras accounts to private accounts owned, or least controlled and managed, by these two defendants in vast quantities. |
'Political conspiracy' | 'Political conspiracy' |
"Mr Antonov was, we say, the primary mover; Mr Baranauskas to a lesser extent." | "Mr Antonov was, we say, the primary mover; Mr Baranauskas to a lesser extent." |
Lithuanian prosecutors issued a European arrest warrant for Mr Antonov and Mr Baranauskas in November 2011 after naming them as the main suspects in a pre-trial investigation. | Lithuanian prosecutors issued a European arrest warrant for Mr Antonov and Mr Baranauskas in November 2011 after naming them as the main suspects in a pre-trial investigation. |
The men are each accused of five offences of fraud and theft and are on conditional bail. | The men are each accused of five offences of fraud and theft and are on conditional bail. |
They claim to be victims of a "politically motivated conspiracy" to nationalise Snoras bank, where Mr Antonov was a majority shareholder and which owned a stake in anti-Conservative newspaper Lithuania Morning. | They claim to be victims of a "politically motivated conspiracy" to nationalise Snoras bank, where Mr Antonov was a majority shareholder and which owned a stake in anti-Conservative newspaper Lithuania Morning. |
Mr Antonov bought Portsmouth Football Club in June 2011, but was forced to stand down as chairman in November that year when his company Convers Sports Initiatives (CSI) went into administration. | Mr Antonov bought Portsmouth Football Club in June 2011, but was forced to stand down as chairman in November that year when his company Convers Sports Initiatives (CSI) went into administration. |
The hearing is expected to last two weeks. | The hearing is expected to last two weeks. |
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