The company said in a stock exchange release on Friday that it had adjusted its 2017 annual financial result in line with accounting standards and with the Bank of Lithuania's decision.
Snaige CEO Gediminas Ceika said that "such debt reclassification worsened the company's annual financial result, but this does not mean that the debt is written off or that will not be required to be repaid".
The group's companies that received the loans have not violated the terms of the contracts and the deadlines for repaying the loans have not yet expired, he added.
The Bank of Lithuania, which supervises financial market participants, said in early February that companies affiliated to Russia's Polair had not been paying interest on loans, totaling 11.92 million euros as of Sept. 30, 2017, since mid-2012.
The supervisory authority then imposed a fine of 207,000 euros on Snaige, saying that its management had neglected the interests of the company itself and of its minority shareholders.
Bevorano Holdings, a Cyprus-registered company indirectly controlled by Russia's Polair, holds a 91.1-percent stake in Snaige, which is quoted on the Secondary List of the Nasdaq Vilnius stock exchange.
