TALLINNA KAUBAMAJA AS

ANNOUNCEMENT

12.04.1999

 

CHANGE IN THE SUPERVISORY BOARD OF TALLINNA KAUBAMAJA AS 

 

Indrek Neivelt, a member of the Supervisory Board of Tallinna 

Kaubamaja AS, presented on the 09.04.1999 Supervisory Board meeting a 

resignation application.

 

Neivelt (also employed as Chairman of the Management Board of 

Hansapank) submitted the application in accordance with article 2 of 

§49 of the new Law on Credit Institutions (adopted by Riigikogu on 

09.02.1999, effective as of 01.07.1999), pursuant to which the 

Management Board member of a credit institution cannot be a member of 

another company’s supervisory board, unless the two companies are 

consolidated under one group.

 

The replacement member to the Supervisory Board will be elected on 

the annual general meeting of Tallinna Kaubamaja AS shareholders.

 

 

Urmo Vallner

Member of the Management Board

+372 640 0200