BONJOUR L'ESTONIE

New details emerge on hijack suspects

By Natalya Krainova / The Moscow Times

Six of the eight suspected hijackers of the Arctic Sea cargo ship served prison terms in Estonia between 2001 and 2005, the Investigative Committee said Monday, as new details trickled out about the suspects.

In fact, six of the suspects lived in the same district in Estonia’s capital, Tallinn, and most of them had grown up in the same courtyard, Komsomolskaya Pravda reported.

The six left Tallinn on July 17, telling relatives that they had a contract to work as guards in Spain, Alexei Bartenev, a brother of suspect Dmitry Bartenev, told the newspaper.

The report identified the suspects from Estonia as Alexei Buleyev, 33; Dmitry Bartenev, 42; Yevgeny Mironov, 30; Igor Borisov, 45; Andrei Lunev, 44; and Alexei Andryushin, 28.

It named the other suspects as Dmitry Savin and Vitaly Lepin from Latvia.

The Investigative Committee said in a statement Monday that the eight suspects were aged 30 to 45, more than 180 centimeters tall and in good health.

The statement said six of the eight suspects told investigators that they were Estonian residents, including two who said they were Russian nationals but showed no passports, one who had an Estonian passport and three who, according to preliminary data, are stateless. The last two suspects said they were Latvian residents, although one had a Latvian passport and the other had no passport.

Are Estonian soldiers in Afghanistan dying for nothing?

Estonia’s defence ministry has announced that two more of its soldiers have been killed in Afghanistan. This brings number of Estonians who gave their lives for Western freedom to six, out of a contingent of 289.

This is significant because the these soldiers died on the 70th anniversary of the Molotov-Ribbentrop Non-Aggression Treaty between Nazi German and Soviet Russia, more commonly known as the Molotov-Ribbentrop Pact of 1939.

The pact did three things: It divided Central and Eastern Europe between German and Soviet spheres of influence — which also meant the division of Poland; it gave Germany a free hand to attack the West, not having to fear a two-front war; and it made the Second World War inevitable.

The Pact was signed on 23 August, 1939 and in less than 10 days WWII broke out.

But how does this bit of history relate to the reality of soldiers fighting and dying — for freedom and democracy, we are told — in Afghanistan?

The answer to that lies at the heart of the Western alliance system. Is it working for everyone? Will it last?

Many in Estonia and the other Baltic States, as well as the rest of the former Soviet lands and the USSR’s satellite countries are not sure, as a recent open letter to U.S. President Barack Obama showed. What worried the nations in question even more was that Obama and his administration ignored it. So did commentators in U.S. media and in the West generally. Which reflects the general apathy in the West for the countries that changed their lives forever, by ending the Cold War.

Estonia and Lithuania stocks surge on TeliaSonera Telecoms bids

By Beth Mellor and Laura Cochrane

Estonian equities gained the most in 11 1/2 years and Lithuanian shares jumped, posting the biggest moves among stock markets worldwide, after Sweden’s TeliaSonera AB offered to buy out shareholders of its units in the Baltic countries.

Estonia’s OMX Tallinn Index climbed 13 percent to close at 382.12 in Tallinn, its biggest gain since Feb. 25, 1998. The benchmark was lifted by a surge in TeliaSonera’s AS Eesti Telekom, which accounts for almost half of the measure’s weighting. Lithuania’s key equities gauge, the OMX Vilnius Index, jumped 12 percent to close at 248.29, its steepest climb since October.

Tallinn-based Eesti soared 23 percent to 5.88 euros after TeliaSonera, Sweden’s largest telephone company, offered to pay 93 kroons (5.94 euros) a share for the almost 40 percent of Eesti it doesn’t already own. Today’s increase was the steepest since the formerly state-owned Estonian company began selling shares to the public in February 1999.

AB TEO LT added 30 percent to 1.82 litas, also the steepest gain on record, after TeliaSonera offered 1.83 litas for each share of the 40 percent of the company it doesn’t own. TEO makes up 26 percent of the 32-member index by weighting.

“The offer for Eesti Telekom was about 24 percent above market price and the offer for TEO about 30.7 percent above market price,” said Marko Daljajev, an analyst at SwedBank in Tallinn. “This the key factor driving up the stocks,” he said.

Stocks in Estonia have gained 39 percent this year, while Lithuanian equities have added 36 percent. Both Baltic indexes plunged more than 60 percent in 2008. Lithuania’s economy contracted 22.4 percent in the second quarter while Estonia’s shrank 16.6 percent in the same period, government data show.

Minority Shareholders 

Estonian Air will start Tartu-Stockholm flight route on Monday

Juhan Tere

The first flight of Estonian Air’s regular route between Tartu and Stockholm will land at the Tartu Ülenurme air field on Monday evening, as LETA learned from the National Broadcasting.

The route will be operated four times a week.

On the occasion of the first flight of the route, the ribbon will be cut and speeches will be made by the Mayor of Tartu Urmas Kruuse, Andres Taimla from the Tallinn Airport and the representatives of Estonian Air.

“The Tartu-Riga flight route that was launched in the beginning of July has started working very successfully, demonstrating that there are enough interested people in Tartu and in the entire Southern Estonia region who want to fly directly from Tartu to the rest of the world,” said Kruuse.

“Expanding flight options from smaller airports in Estonia is an important part of Estonian Air’s strategy for coming years,” said the President of Estonian Air Andrus Aljas. He added that good examples of this strategy are the flight route from Kuressaare and from Pärnu that have been launched successfully.

Flights between Tartu and Stockholm operated by Estonian Air will take place on Mondays, Thursdays, and Fridays and on Sundays. The route will be operated by a SAAB 340 aircraft with 33 seats and with one single service class.

The Prime Ministers of the Baltic States : the Baltic Way was a unique, peaceful demonstration that changed the world

Vilnius – The Prime Minister of Estonia, Andrus Ansip, the Prime Minister of Latvia, Valdis Dombrovskis and the Prime Minister of Lithuania, Andrus Kubilius, signed a joint declaration, dedicated to the 20th anniversary of the Baltic Way, in which the Baltic Way is remembered as a unique, peaceful demonstration that led to the restoration of the independence of the Baltic States.

On 23 August 1989, on the 50th anniversary of the Molotov-Ribbentrop Pact, almost two million people joined their hands in a 600 km long human chain in order to protest peacefully against the Soviet occupation of Estonia, Latvia and Lithuania, stemming from the Pact.

The leaders of the governments said that the recent decision to include the Baltic Way in UNESCO’s Memory of the World Register acknowledged the significant meaning of this historic event.

The Prime Ministers also welcomed the recent decisions of the European Parliament and the OSCE Parliamentary Assembly and the initiative to declare 23 August as the pan-European Memorial Day for the victims of Stalinism and Nazism.

According to the declaration, the Baltic States will continue their joint efforts to preserve the historical remembrance of the shared totalitarian heritage of 20th century Europe and to ensure that it is assessed fairly and openly.

On 23 August 1939, Germany and the Union of Soviet Socialist Republics signed a non-aggression pact, otherwise known as the Molotov-Ribbentrop Pact. The Pact had additional secret protocols that ignored international law and divided Central and Eastern Europe into spheres of influence. The conclusion of the Molotov-Ribbentrop Pact led to the outbreak of World War II on 1 September 1939, which in turn gave rise to the occupation of many democratic countries in Europe for the following 50 years.

The joint declaration is available at: http://www.valitsus.ee/brf/index.php?id=24449

_____________________________________
Valitsuse kommunikatsioonibüroo briifinguruum
http://www.valitsus.ee/brf/
press@riik.ee

Äripäev : Tax board investigates dividend-paying firms .....

Toomas Hõbemägi

Estonian Tax and Customs Board has begun to conduct investigations in some companies- to see whether they have paid salaries in dividends which are exempt of social tax. In such cases- tax officials will require the companies to pay the previously unpaid social tax. Experts forecast legal disputes in the matter.

Banks say another 75-000 households in Estonia capable of taking a housing loan

Estonian banks say that there are another 75-000 potential households in Estonia who can afford to take a housing loan. Two years ago the banks said there were 50-000 eligible households. The banks say that in order to service a housing loan of 0.75 mln- the household's net income should exceed EEK 10-000 a month.

Estonian companies hit by ban on marine shipping of shale oil

Estonian companies that produce shale oil are about to lose about a billion kroons since export of shale oil by sea is prohibited from the beginning of this year. The international MARPOL convention that regulates marine chemical pollution on sea does not mention shale oil which is produced from oil shale and is unknown elsewhere in the world.

Urban Symphony: Singing in the rain

Estonian representative at the 54th Eurovision Song Contest, Urban Symphony was on tour for the last days in Estonia. In the meantime they've already had a chance to prove how brave they are!

They started their tour together with Laura (member of Suntribe which represented the country in 2005), Sergio Bastos and Raivo Tafenau on the 7th of August and gave their last concert today on the island of Hiiumaa.

At their concert in Pärnu, there was suddenly a powercut due to the heavy rain and lightning. When they were performing their hit Rändajad, there was a big bang and the amplifier stopped working. This didn't, however, stop the brave girls from singing and they finished the song without it. The audience honored them with long ovations afterwards!

The rest of the tour has been much easier on the young musicians and has been very successful. Recently they also released a new single, called Päikese Poole and will release an album by the end of the year.

Urban Symphony represented Estonia at this year's Eurovison Song Contest with Rändajad and qualified the tiny country for the Final for the first time in history. They ended sixth, giving Estonia its best placing since 2002.

August 23, 2009 MRP anniversary/ Baltic Way solidarity events in Washington, DC

---11:00 a.m. - Lithuanian Embassy opens doors (2622 16th St., NW)
---12:00 noon - Baltic Way Song Transmission at Lithuanian Embassy
---2:00 p.m. - DC Baltic Way links up on Mass Ave. bt. Estonian and Latvian Embassies
---2:30 p.m. - Georgian solidarity event at Georgian Embassy (2209 Mass Ave., NW)
---Mass. Ave. embassies are open until 4:00 p.m. with exhibits and information.

This year August 23 will mark the 70th year since the signing of the Molotov-Ribbentrop Pact (MRP) between the Soviet Union and Nazi Germany. That agreement between Stalin and Hitler doomed half of Europe to decades of misery under foreign tyranny.

On August 23, 1979, the Baltic Appeal was sent by 45 persons from Estonia, Latvia, and Lithuania to demand the MRP’s and its secret protocols' public disclosure and annulment, and the restoration of the independence of the Baltic countries, then occupied by the Soviet Union. This was an important step on the road to back to freedom.

August 23 also marks the 20th anniversary of the Baltic Way, which united the nations of Estonia, Latvia, and Lithuania against Soviet oppression and occupation. On that day in 1989, over a quarter of the populations of the three Baltic countries joined hands for nearly 400 miles to demonstrate their love of freedom.

On Sunday, August 23, 2009 those events will be remembered in a half day commemoration and celebration in Washington, DC in which the Baltic Way will be recreated.

You are invited to join that day to remember, take part and link hands in the 2009 Baltic Way, and to show solidarity with our friends in Central and Eastern Europe, including those in the country of Georgia, who have suffered a year since the Russian invasion and occupation of their territories.

For more information on the 1989 Baltic Way, please see: http://www.balticway.net

For 2009 Baltic Way events in Estonia, Latvia, and Lithuania: http://www.balticway.net/index.php?page=naujienos&hl=en

For 2009 Baltic Way in DC event information, please contact JBANC at the address below or visit: http://www.facebook.com/event.php?eid=111863782117

Karl Altau
Managing Director
Joint Baltic American National Committee, Inc.
Representing: Estonian American National Council, Inc., American Latvian
Association, Inc., Lithuanian American Council, Inc.
400 Hurley Avenue
Rockville, MD 20850
tel. 301-340-1954
jbanc@jbanc.org
http://jbanc.org
http://twitter.com/JBANCchatter

Estonia "Producer Prices" decline further In July

Friday, the Statistics Estonia announced that the "Producer Price" index or PPI decreased 1.6% year-on-year in July, compared with a 1.2% fall in the preceding month.

Manufacturing prices dropped 3.2% in July, after falling 3.3% in June. However, mining prices and energy supply prices rose 6.9% and 12.4% respectively

On a monthly basis, the PPI increased 0.5% in July, following a 0.2% drop in June.

Meanwhile, export price index decreased 5.4% year-on-year in July, compared with a 5.3% fall in the previous month. Export prices remained unchanged compared to the prior month.
Import prices decreased 7.7% annually in July, after a 7.9% fall in the previous month. Month-on-month, import prices increased 0.7%.

Russia detained six Estonian residents

Juhan Tere

The Russian prosecutor’s office’s investigative committee forwarded to the Estonian embassy in Moscow late on Thursday evening the official information with the names of persons detained by the Russian embassy in connection with the Arctic Sea case, writes LETA, referring to the National Broadcasting.

According to the Security Police Board and the Public Prosecutor’s Office, two of the six detained Estonian residents are Russian citizens, one is Estonian citizen and three persons are of undetermined citizenship.

“It is regrettable that it took so long for the Russian Federal authorities to officially inform the Estonian authorities, although the Russian Minister for Defense shared this information to the press in the beginning of this week already,” said the Minister for Foreign Affairs Urmas Paet. He added that according to the good practices, the relevant countries are informed of detaining offenders before informing the public.

In accordance to the Consular Act, Estonia has to provide consular assistance to Estonian citizens as well as to persons with undefined citizenship residing in Estonia on the basis of a residence permit. The Estonian embassy in Moscow will strive to find out whether the persons concerned have been guaranteed all rights and will provide consular aid, if necessary.

The Latvian Ministry for Foreign Affairs also announced that it has received from Russia information on two residents of Latvia having been detained in connection with the Arctic Sea case – one of them is a Latvian citizen and another a person with undefined citizenship.

JK Jazz 2009 to mirror the richness of Estonia

AEG

What a country!
Not many countries can boast of their rich musical history like Estonia can. Few nations have the will to survive like Estonia and Estonians do. The global network of Estonians and Estonian communities is unparalleled among nations of the world. Estonia is but one of very few countries with both a President and a Prime Minister.

What a festival!
Next weekend, on August 29 & 30, the JK Jazz 2009 festival will put on display all these amazing attributes of Estonians, the culture, the spirit and the will to succeed.

Amazing jazz music and awesome artwork will be available for everyone to enjoy, presented in the tranquil and idyllic natural setting of Camp Jõekääru. World-class performers from Canada, Estonia and Cuba will deliver some 12 hours of live music over the two-day festival. The line up includes established masters and up-and-coming stars, some making their Canadian debut.

President Toomas Hendrik Ilves and Prime Minister Andrus Ansip of Estonia, as Honourary Patrons of JK Jazz 2009 have both sent greetings and best wishes for the success of the festival. This event, only in its third year of existence has already made great strides in its mission to provide steady, on-going financial support for the capital renovation of Camp Jõekääru’s 50-year old infrastructure.

The memory flight along the route of Baltic road

Sritys: Transportas, Žiniasklaida
Numatoma įvykio data: 2009-08-23
Numatomas įvykio pradžios laikas: 10:00
Numatoma įvykio vieta: Panevezys - Riga - Tallinn - Vilnius

On 23 August 2009, the three Baltic states, Lithuania, Latvia and Estonia, will celebrate the 20th anniversary of one of the most unique events in their histories. The Baltijos Kelias (Baltic Road) helped to open the door to the restoration of their independence.

This event 20 years ago was a milestone in the struggle of the three states towards the elimination of the legal and political effects of their occupation and annexation by the Soviet Union in 1940.

The Aeroclub of Lithuania - the biggest general aviation organization in Lithuania is organizing and coordinating the memory flight along the route of Baltic road together with pilots of three Baltic countries.

The group leaded by historical An 2 from Lithuanian army and followed by 15 private airplanes will try to recall the Baltic road on the August 23, 2009. The group will fly in one chain, in the height of 300 meters above the ground.

During the first part of flight the group will fly from Panevėžys – EYPI airfield - to Riga city boundary, later overfly the city a little bit north of TV tower. The approximate time above Riga city is 11.45 local time. After the Riga the formation of planes will fly to Tallinn CTR point SAKU along the E 67 motorway, later will overfly the city to MUUGA point at Tallinn CTR and overfly city to the south to VAIDA point at Tallinn CTR. After Tallinn the group will land at Rapla – EERA aerodrome. The approximate time above Tallinn is 13.10 local time. In Rapla the formation will be greeted by Estonian pilots and media.

In the route back the group will fly from Rapla – EERA - to Kyviskes airfield – EYVK - all along the E67 motorway. The formation will enter Vilnius CTR at Avizieniai fly to the Cathedral square and leave Vilnius CTR at Liepynai point. The AN 2 will drop flowers above Cathedral square. Approximate time above Cathedral square is 19.00 LT.

The pilots from three Baltic countries will join our group and will form the unforgivable formation of airplanes.

Kontaktinis (-iai) asmuo (-enys):
Mr. Ignas Krivickas, tel +370 67023237
Mr. Dalius Liekis, tel +370 698 81480

300 workers of Estonian Kreenholm to be made redundant

How lucky some can be ... !
......compared to all those who are just chucked out without a sent, without dignity in more than 1/2 the cases, and who brutaly find themselves without nothing ... However, no one ever speak or write about them !!!!
Shame on those so-called "companies" (in reading they will recognize themselves) not even respecting legislation which is much too good for them!
Where are the defenders of the oppressed?

Juhan Tere

The textile industrial plant Kreenholm in Narva has decided to make redundant 300 employees, writes LETA, referring at Postimees Online.

The Narva-based enterprise owned by the Swedish company Boras Wäfver will continue working with approximately 500 employees.

“As we have sold some of the business units, our turnover has fallen,” said the General Director of the Kreenholm factory Kenneth Uddh. “The redundancy is also naturally due to the situation on the Baltic market that fell by 11% in comparison to the last year,” he added.

“We have decided with the textiles products and other different functional products used in households as well as with producing all kinds of sunscreens and shades,” explained Uddh. According to him, redundancies concern all the rest of business areas as Kreenholm has volume-related problems.

“In our future operations we certainly want to maintain our competence in the fields of bleaching, dyeing, printing and sewing,” said Uddh. He noted that Kreenholm has with its remaining employees all the necessary skills and options for even exceeding the current production volumes in priority production areas.

Last year, Kreenholm that had employed 4,000 persons only a few years ago, made 900 workers redundant.

Kewell on target as Galatasaray coast in Europe !!

Andrew Slevison

Harry Kewell was on hand to score yet another goal for Galatasaray as they brushed aside FC Levadia Tallinn 5-0 overnight.

The Turkish club were ruthless at their home ground, Ali Sami Yen Stadium, easily winning the first leg of their Europa League qualifying round.

Ivory Coast international striker, Abdul Kader Keita, netted twice in the opening half to give his side a commanding lead over the Estonians.

A 56th minute Milan Baros penalty made it 3-0 before Kewell essentially ended the contest 12 minutes from time.

To round it out, Levadia’s Vitali Leitan knocked in an own goal in the 88th minute to make it a perfect five for Gala.

A memorable cruise of the baltic

It has been my good fortune to have cruised to many areas of the world. For me, it is the easiest vacation one can experience. Once onboard your ship, you unpack only once and leave the driving, cooking and cleaning to those who run the ship. It is sheer vacation! You select the area of the world you wish to visit, examine cruise line brochures and perhaps consult a travel professional for their advice and assistance in booking your cruise along with air reservations. It’s that easy.

This cruise was a memorable 14-day visit to the Baltic nations. We selected a cruise line we have enjoyed several times in the past, Voyages of Discovery and their good ship Discovery. This ship offers club-like atmosphere not found in many of the giant ships sailing today.

The Discovery accommodates only 600 guests in classic comfort. The ship is British owned with British officers and a great Filipino service crew. The food is fantastic with a Continental menu to please everyone. We particularly enjoy the distinguished speakers who provide wonderful insights into the various ports of call prior to each visit. Also scheduled are speakers who talk on various subjects of interest during your days at sea. On this cruise, one chap had been a British Ambassador to Spain, Sweden and several other countries. He related interesting experiences regarding his time as an ambassador and the parties involved in diplomatic diplomacy. Another spoke on famous naval battles in the Baltic area over the past 300 years.

Then, there are the necessary talks on available shore excursions you may wish to take part in when the ship is in the various ports. The shore excursion office books the tours you wish to take and sends the tickets to your cabin. I relate this detail because you may not have had the opportunity to enjoy cruising to date. Cruise fares have been lowered by many cruise lines this year and if ever there was a time to “jump in” this is it.

The day the Balts stood still : 20 years of the 'Baltic Way'

Riga - Two months before the Berlin Wall came down, an equally spectacular event took place farther to the east in the Soviet republics of Estonia, Latvia and Lithuania. But what happened on August 23 remains little known to many in the West. At 7 pm that day, as many as 2 million people (no one knows the exact figure) joined hands across the Baltic states to form a human chain from Vilnius to Tallinn via Riga. They stood in silence for 15 minutes to demand their independence.

The event was known as the "Baltic Way," and it marked the beginning of the end for Communism in the region.

It was specifically planned to mark a painful date in Baltic history. On the same day in 1939, the Molotov-Ribbentrop pact was signed between Stalin's Soviet Union and Hitler's Germany, essentially agreeing to divide Eastern Europe into spheres of influence and clearing the way for the Soviet Union to annex the Baltic states in 1940.

That memory adds yet another bittersweet tinge as the Baltic states organize numerous events - including exhibits, conferences and meetings of government officials - to mark the 20th anniversary of the Baltic Way.

Perhaps the most ambitious is Heartbeats for the Baltics, in which runners will simultaneously depart Vilnius and Tallinn to meet in Riga, covering 671 kilometres. Thousands have signed up to participate.

Heartbeats was the brainchild of Latvian President Valdis Zatlers. In a practice event on August 13, Zatlers led the way with a brisk jog through the forest outside Riga.

A little out of breath at the finishing line, he told the German Press Agency dpa: "The Way was made by all the people of the states. It was a wonderful sensation knowing the hands you were holding extended all the way to Tallinn in the north and Vilnius in the south."

It was a desire to communicate that feeling to those born since the Way that Zatlers says inspired him to devise the run.

"It will be a great emotion, especially for the younger generation, who don't have memories of the Baltic Way," he told dpa.

Swedbank : EU will look after Baltic nations

Swedbank is certain that the European Union (EU) will stand by the Baltic nations during the recession.

Speaking to the Financial Times, Michael Wolf, chief executive of the institution, explained that supporting the countries now would avoid the problems that could arise if they were left to fend for themselves.

He said: "The EU would definitely like [the Baltic countries] to succeed. In relative terms, supporting these countries is not very costly."

Although Swedbank, which is the largest lender in the Baltic region, has just announced its second rights issue in a year, Mr Wolf is confident that things are stabilising in Latvia, Estonia and Lithuania.

The latest rights issue raised 15 billion Swedish kroner and was underwritten by existing shareholders, Bank of America-Merrill Lynch and Credit Suisse.

Recently, Bloomsburg reported that Swedbank was asked by Latvia to increase the amount it lends in the nation.

Around 40 per cent of Latvians are customers of the institution.

Moody's says may still cut Swedbank ratings

STOCKHOLM - Moody's Investors Service said on Wednesday it would keep Sweden's Swedbank on review for a possible downgrade following the bank's recent share issue.

Moody's said in a statement the Swedish bank's A1 senior debt and deposit ratings and C- financial strength rating remained under review.

Swedbank surprised markets on Monday with a 15 billion Swedish crown ($2.06 billion) rights issue to bolster a balance sheet hit by bad debts in the Baltic region. [ID:nLH518937]

The move came just a month after the bank told investors it had a resilient capital base.

"The significant capital increase will be incorporated into its review as a positive element," Moody's said.

The bank's cash call will give Swedbank a capital buffer to cope with losses in a deteriorating operating environment, it said.

Swedbank is the biggest bank in the Baltic region following aggressive expansion in Latvia, Lithuania and Estonia, and is seen facing continued losses there as those economies shrink by about a fifth.

Moody's said it would take into account the bank's higher expected losses due to worsening conditions in the Baltics, Ukraine and Sweden. It expects to conclude its review on Swedbank in the next couple of weeks.

Editing by Rupert Winchester

Golf : US stars snub World Cup

America's 11 highest-ranked golfers have all turned down the chance to take part in the World Cup in China in November.

Their 12th man Nick Watney has agreed to play but who will be his partner has yet to be announced.

Ian Poulter and Ross Fisher are representing England, with Rory McIlroy and Graeme McDowell teaming up for Ireland in the absence of Padraig Harrington, but, with no players in the world's top 100, Scotland and Wales both have to take part in the qualifier in Estonia next month.

The 11 from the United States who have rejected the £3.3million tournament are Tiger Woods, Phil Mickelson, Kenny Perry, Steve Stricker, Jim Furyk, Sean O'Hair, Anthony Kim, Lucas Glover, Zach Johnson, Stewart Cink and Ben Curtis.

Copyright © 2009 The Press Association

Scandinavian SAS acquired property of Estonian Air for half-value

Danuta Pavilenene

The Scandinavian airline SAS has acquired the office building and the hangar of Estonia's carrier Estonian Air for five million euros, that means the half of the value of the objects, stated in Estonian Air's balance, writes LETA with the reference on BBN, reported via Eesti Paevaleht.

According to the balance sheet, the value of the sold assets was 168.9 million kroons. Last year, Estonian Air changed the principles of estimating to make the value fairer.

Estonian Air has sold its hangar and office building near Tallinn Airport to Air Maintenance Estonia, which is a subsidiary of SAS.

Estonian state, which has 34% holding in Estonian Air, hasn't supported the move. Representatives of investment bank Cresco, which owns 17%, supported the decision.

SAS said that Estonian Air has reduced its loan burden by selling the buildings