Tallinn, Estonia, 2014-11-26 09:19 CET (GLOBE NEWSWIRE) --
On 24 November 2014, Harju County Court decided to dismiss the action filed by OÜ Grupivara against AS Ekspress Grupp. The plaintiff contested the decision on the approval of AS Ekspress Grupp’s annual report for 2013 claiming that the report does not show the true economic performance of the defendant. The court took the view that even if the report is incorrect and in conflict with the rules prescribed by the Accounting Act, this cannot serve as the basis for invalidity of the decision of the general meeting of shareholders, which is why the court finds the action legally unproductive. Also, the court is of the opinion that the decision of the majority shareholders on profit distribution is not, at least in general, in conflict with good morals just because during the decision making process the wishes and objections of minority shareholders were not met.
AS Ekspress Grupp maintains that upon the preparation of company’s annual report for 2013 all provisions of the Accounting Act have been followed. Also, the auditor of the company PwC has confirmed the correctness of the preparation of the annual report and its conformity to the International Accounting Standards adopted by the EU.
OÜ Grupivara is a shareholder of AS Ekspress Grupp, who holds 100 shares.
Additional information:
Gunnar Kobin
Chairman of the Management Board
GSM: +372 5188111
e-mail: gunnar@egrupp.ee