HÜVITUSFOND

ANNOUNCEMENT

30.07.99

 

APPLICATION FOR INVESTIGATION

 

Hüvitusfond submitted an application to the Central Criminal Police 

to investigate the legality of several transactions conducted in 

Hüvitusfond in 1997 and 1998.

 

On 18.06.1999, the Supervisory Board of Hüvitusfond decided to conduct 

a complex revision to identify the aspects of transactions conducted by 

the Fund and different off-shore companies during the aforementioned 

period. The results of the internal audit indicated that the prices of 

transactions concluded between Hüvitusfond and off-shore companies 

during 1997 and 1998 differed from market prices, yielding to a loss to 

the Fund.

 

The application submitted to the police contains Hüvitusfond’s inquiry 

whether the transactions investigated in the course of internal audit 

are subject for penalty under criminal code.

 

 

Jaanus Kosemaa

Public Relations Manager

Hüvitusfond

+372 66 51 800, 824, +372 510 4614