Regarding Court Decision
As previously announced in 2017, Andree Uustal, a former member of the management board of Novatours OÜ (Estonian subsidiary of AB Novaturas) was recalled from his management board member position due to suspicions of illegal misappropriation of company assets. Accordingly, several court proceedings were initiated to recover the damage caused by unfounded payments made by Andree Uustal.
The Harju County Court in Estonia made a court decision in favour of Novatours OÜ. According to the verdict, Andree Uustal has to compensate EUR 231,238.93 to Novatours OÜ. A part of the claim amount (EUR 94,600) has to be paid by Andree Uustal immediately after the court decision enters into force. The rest of the claim amount against Andree Uustal (EUR 136 638,93) has to be compensated on the condition that the enforcement proceedings against other defendants FinExpo OÜ and Rafira OÜ (legal entities related to Andree Uustal) are deemed unsuccessful.
The decision of Harju County Court can be appealed to the Tallinn Court of Appeals within 30 days after the delivery of the court decision to defendants. The mentioned court decision will not directly influence any other pending court proceedings between Novatours OÜ and Andree Uustal.
This case does not affect the company’s activities, financial reporting or client-related matters. The company is listed on Vilnius and Warsaw Stock Exchanges and all financial statements are publicly available. Novaturas group applies the highest standards of transparency and responsibility towards its shareholders, employees and the public.
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