newstodate.aero

Jun 03, 2024 (newstodate): In parallel to the effort by the Estonian state to divest of its investments in the Nordica Group and its various companies, the spotlight is now also on the performance of the Group's earlier management.
   Estonian media are thus reporting that the Prosecutor's Office launched criminal proceedings already in February this year to investigate whether executives at the Estonian state-owned airline Nordica abused trust in them when the company ended up facing economic difficulties under their management.
    By the end of 2022, Nordica's management included Jan Palmer as CEO and Eteri Harring as CFO.
   In addition, five members served on the  supervisory board including David James O'Brock-Kaljuvee, Priit Karjus, Camiel Eurlings, Kaupo Raag and Taivo Linnamagi.
   In February 2024, the final report of the special inspection on the ailing Estonian airline group Nordica dealt a harsh blow, confirming that the company had not been well managed.
   -The management of the company took the direction of expansion, but the risks related to various contracts and projects were not assessed sufficiently. New investments were also insufficiently analyzed. The content, limitations and risks of the contracts signed in certain projects were only analyzed after the contract was signed and problems appeared, said the Estonian Climate Minister Kristen Michal on the Ministry's website.  
   So far, no criminal charges have been been filed against the earlier management.