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.
In response to ongoing investigations and legal proceedings, Andree Uustal applied to the Court for a possibly unpaid remuneration of around EUR 150.000. Although the court of the first instance was in favor of him, the Tallinn Circuit Court ruled in favor of Novatours OÜ. The decision was that Andree Uustal's claim was unfounded and ordered him to cover the costs.
The other party has 30 days since the receipt of the verdict to submit a cassation appeal to the final court instance – Supreme Court. 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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