Postimees Digest, Tuesday, May 21
Please note that the article is more than five years old and belongs to our archive. We do not update the content of the archives, so it may be necessary to consult newer sources.
Supreme Court convicts Tool of market manipulation.
The Supreme Court announced yesterday that it has ruled not to overturn Tallinn District Court's decisions to convict businessman Toomas Tool and former SEB broker Karoly Kirber of market manipulation. Tool was convicted of artifically lowering the share price of real estate group Arco Vara in the summer of 2008 in an attempt to knock it down below 0.56 euros. The Supreme Court also abrogated terms of punishment prescribed by the district court and ruled that the latter must recalculate the amount of Tool's fine as the businessman's bank account saw no less than 154 million euros worth of financial traffic in the summer of 2008. The district court originally punished Tool with a fine of 500,000 euros.
Estonia and Finland admit implacability over LNG terminal.
Finnish Minister of Economic Affairs Jan Vaapavuori and his Estonian colleague Juhan Parts met in Tallinn yesterday and admitted that neither country is willing to give ground when it comes to the location of the joint LNG terminal and that it would be best if the European Commission carried out an independent assessment instead. The ministers said in a common address that the main thing is to continue moving towards a regional LNG terminal and an Estonia-Finland gas pipeline and to make sure the project fits into the first round of EU energy infrastructure financing.