LUXURY cars worth nearly £860,000 and a seaside home are just some of the assets already seized from Pompey co-owner Vladimir Antonov.
Authorities moved to seize 14 cars totalling £859,000 and a home in Jurmala, Latvia, according to Bloomberg Business Week, the American business news specialists.
Lithuanian prosecutors confirm they ‘have taken the necessary steps’ to freeze Mr Antonov’s assets as they investigate an alleged £250m fraud at AB Bankas Snoras.
Mr Antonov owns 68.1 per cent of shares in Snoras bank.
Latvian bank Latvijas Krajbanka, a subsidary of Snoras, was taken over by the country’s regulators last week.
Snoras main shareholders Mr Antonov, who is the co-founder of Convers Sports Initiatives (CSI), which bought Pompey earlier this year, and Raimondas Baranauskas both appeared at City of Westminster Magistrates’ Court on Friday to face an extradition hearing brought by the Lithuanian prosecutors.
They are accused of misappropriating funds from the bank.
They were released on bail and are due to reappear in court on December 16.
Website Baltic Business News reported the Lithuanian government will not try to save the troubled Snoras bank and will seek bankruptcy instead.
It reports the country’s central bank – Lietuvos Bankas – filed for Snoras’ bankruptcy after administrators discovered the bank only had 4.6billion litas of assets – not an expected 8billion litas.
The missing 3.4billion litas consists of bad loans, and non-existing funds in foreign bank accounts, according to the news site.
But Pompey boss Michael Appleton expects club staff will be paid this week.
He said: ‘I’m sure I will have a fairer indication of how serious things are and how it will affect the football club over the coming days.
‘At the minute, I’m told everything is fine from that point of view.
‘I’ve been told there will not be a problem in the short and medium term.’
In 2009, the Financial Services Authority blocked moves to establish Snoras branches in the UK, stating Snoras was ‘likely to fail to deal with the FSA in an open and co-operative way with respect to matters for which the FSA, as host state regulator, was responsible’.
Mr Antonov passed the Football League’s fit and proper persons test before taking over at Fratton Park.
The Football League said it was ‘monitoring the situation’.
CSI and Portsmouth FC were unavailable for comment.