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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 13:45

Latvia puts company of Estonian businessman Indrek Kuivallik up for sale for EUR 33.3 mln

BC, Riga, 10.05.2017.Print version
In what appears to be related to a tax dispute dating back several years, the Latvian state has put the company Polaris Invest OU belonging to Estonian businessman Indrek Kuivallik up for auction via a bailiff with a starting price of EUR 33.3 mln, writes LETA.

"This is a longer dispute that I had, which is connected with the Latvian state, and I believe that the sell-off is never actually going to happen," told Kuivallik, adding that the dispute has to do with the sell-off of the Latvian wind energy producer Winergy in which he used to hold a majority stake.


According to the commercial register of Estonia, a freeze has been placed on the shares in Polaris Invest for the benefit of the Latvian government. The auction is held by Elin Vilippus, bailiff and trustee in bankruptcy, and the period during which bids can be placed is June 12-19.


Wind One OU, a holding of Kuivallik, acquired 92.8 percent of the shares in the Latvian wind energy producer SIA Winergy at the end of 2012. Three years later, in 2015, Winergy announced that Kuivallik has sold his majority shares in the company to minority shareholder Devon Archer.


Wind One OU, owner of the shares in Winergy, has been deleted from the commercial register by now. It appears from the last annual report filed by the company that the share capital of SIA Windenergy was reduced in 2015, as a result of which Wind One OU no longer holds shares in that company.

Wind One, which earlier used to have assets amounting to EUR 15 million, made up mainly of shares in Winergy, had only EUR 44 worth of assets after the transaction.


Polaris Invest OU is an investment company belonging to Kuivallik, which owns stakes in a variety of businesses. Among other things, Polaris Invest in December last year bought a 63%  stake in the Estonian cable and telecom provider Starman from East Capital Explorer and then sold the Estonian businesses of Starman to Elisa.






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