Kazimieras Ramonas, a former supervisor of commercial banks and the Snoras bank that is currently bankrupt, has been acquitted on all charges.
Vilnius judge Vitalija Norkūnaitė annulled the guilty verdict handed down in March of 2014, which found Ramonas guilty of abuse of office and negligence of his duties.
The judge said Ramonas was found not guilty, as he had not committed anything that can be qualified as a crime or a criminal offense. The court ruled that Ramonas performed his duties well, furthermore, there was no evidence that he concealed information later established by inspectors from members of the board of the central Bank of Lithuania.
The latest verdict takes effect immediately, however, can still be appealed to the Supreme Court.
Ramonas was charged of permitting Snoras to conceal information from the leadership of the Bank of Lithuania about the assets in Swiss banks, making it impossible to establish the bad financial condition of Snoras for a long time and constituting a threat of failing to settle accounts with depositors and other creditors. Prosecutors said Ramonas' actions discredited his name as a public servant, caused major damage to the central bank and the state.