AS HANSAPANK

ANNOUNCEMENT

14.06.99

 

RESOLUTION OF THE TALLINN CITY COURT

 

On June 11, 1999 Tallinn City Court resolved not to satisfy the claim 

made by AS Hansapank (Hansapank) to declare null and void a 

transaction between Hoiupanga Töötajate AS (HTAS) and Coalgate 

Securities Ltd (Coalgate). Through the aforementioned transaction on 

April 29, 1998 Coalgate transferred to HTAS DEM 28,140,000, over 

which, in the opinion of Hansapank, AS Eesti Hoiupank lost control of 

as a result of illegal action.

 

The above mentioned resolution has not become effective, since it will 

be appealed by Hansapank. The resolution has no material effect on 

Hansapank’s operations or financial results since the satisfaction or 

dissatisfaction of the claim would not automatically result in the 

repayment of the above mentioned amount to Hansapank.

 

 

AS HANSAPANK

 

 

 

Mart Toevere

Analyst

Tel. +372 6131 569