This Wednesday, Eesti Meedia had recourse to arbitral court claiming that Ekspress Grupp be required payment of €8.6m. The claim is based on breach by Ekspress Grupp of agreement between the parties, failing to pay for acquisition of AS Express Post, AS Ajakirjade Kirjastus, and AS SL Õhtuleht shares on time.
A binding purchase notice to acquire 50 per cent of the said three companies was presented by Ekspress Grupp in mid-October already. The sum specified by the claim consists of the purchase price as determined by international auditors and agreed by parties, plus contractual penalty prescribed for breach of contract.
«Regrettably, Ekspress Grupp showed no constructiveness whatsoever to reach an extrajudicial solution,» noted Eesti Meedia CEO Mart Kadastik. «Therefore, we saw no other option to defend our rights.»
At the beginning of December, Estonian Competition Authority gave Ekspress Grupp permission to acquire shares of Express Post, Ajakirjade Kirjastus and Õhtuleht on condition that these would immediately be sold on to Suits Meedia OÜ owned by Janek Veeber.
Whether Suits Meedia OÜ has backed out of financing the deal altogether, or has price set by three independent auditor companies proven too high, Postimees was unable to find out.
«It is difficult for us to say whence the difficulties for Ekspress Grupp,» said Mr Kadastik. «Eesti Meedia has, in good faith, already counted on the sales of the joint company shares, making strategic investment plans accordingly. We do therefore hope that, in the end, Ekspress Grupp will meet its obligations.»
In answer to action by Eesti Meedia, the Ekspress Grupp chief Gunnar Kobin said the following: «Well there is no choice but to come to clarity in court.»
According to Mr Kobin, they are preparing a counter-claim against Eesti Meedia.
Igor Rõtov, director general of Äripäev, expressed hopes that the dispute over acquiring holdings in media companies will find a swift solution in arbitral court, not having an adverse effect on reputation of media industry as a whole.