AS Ekspress Grupp: the court dismissed the action of OÜ Grupivara


Tallinn, Estonia, 2016-11-14 15:17 CET (GLOBE NEWSWIRE) --  

On 14th of November 2016, Harju County Court decided to dismiss the action filed by OÜ Grupivara for establishment of nullity of the AS Ekspress Grupp General Meeting decisions to approve the annual report of financial year 2013 and the proposal for distribution of profit. OÜ Grupivara’s action plead that an additional impairment of goodwill of Delfi in Estonia and Delfi in Latvia should have been recognized in the financial reports, in which case the company would not have generated the profit to be distributed. The court held that OÜ Grupivara’s claims are groundless. The court found that the auditors that audited the annual report of financial year have found the management board’s prognoses reasonable and the forensic results do not support the conclusion that the goodwill of companies had been overvalued in the annual report.

On 9th of November 2016, Tallinn Circuit Court dismissed the appeal made by OÜ Grupivara against the Harju County Court ruling made on 21st of September 2016.

The Circuit Court agreed that OÜ Grupivara did not have the right to demand AS Ekspress Grupp management board to give the information about EBITDA prognoses and therefore, the county court corresponding ruling made on 21st of September 2016 is lawful and reasonable.

         Additional information:
         Gunnar Kobin
         Chairman of the Management Board
         GSM: +372 5188111
         e-mail: gunnar@egrupp.ee