The Estonian company Grove Invest has filed a claim against the Swedish bank SEB in the amount of 1.49 billion Estonian kroons plus overdue penalties for causing the bankruptcy of plywood maker Baltic Panel Group.
“As a result of the forced interference in the management of Baltic Panel Group, Grove Invest lost its investment and the whole company.”
Grove Invest, who belongs to the Estonian businessman Pjotr Sedin, has filed a claim against SEB subsidiaries SEB Pank and SEB Leasing in the amount of 1.49 billion kroons plus overdue penalties for causing the bankruptcy of plywood maker Baltic Panel Group, the Estonian newspaper Äripäev reports.
Grove Invest founded Baltic Panel Group (BPG) in 2005. In 2008 it went bankrupt with about 150 employees.
Mr.Sedin’s company issued a statement today announcing that it had brought a massive claim against SEB and its leasing units for causing BPG severe economic problems, liquidity and bankruptcy in 2007 and 2008.
“As a result of the forced interference in the management of Baltic Panel Group, Grove Invest lost its investment and the whole company,” lawyer Erki Kergendberg, representing Grove Invest, says.
Mr. Kerendberg says that the plant’s commissioning was delayed because of failure of equipment manufacturers to put the machinery in working order, and that the bank and the leasing company rejected the proposals made by BPG for solving the problems.
Jüri Triletski, board member and shareholder of Grove Invest, says that the plywood plant located in Kohila that cost about 500 million kroons had workers, raw materials, customers and profit insurance contract with Zurich.
“We took the bank as a partner, financing the company by the scheme proposed by SEB. If the bank had not started to create problems for overcoming our launch delays, we would be working today at full capacity producing 50,000 cubic metres of plywood a year worth over 500 million kroons a year, EBITDA at about 230 million kroons and jobs for 150 local residents.”
Grove Invest’s largest shareholders are Petr Levin, Pjotr Sedin, Jüri Triletski, Larissa Sedina, Jaanus Reisner and the Russian company Kylemore International Invest Corporation.
Related by the Econotwist:
Related articles by Zemanta
- Finns host Baltic clean-up talks (news.bbc.co.uk)
- Nordic Banks Come Down on Different Sides of Bonus Question (nytimes.com)
- Baltic States’ Painful Progress (online.wsj.com)
- Estonian Pirates? (laf.ee)
- Debt deflation laboratory of the Baltics (telegraph.co.uk)
- EBRD to sell 15% Stake in OAO Swedbank Russia (newstatesman.com)
- Putin says Baltic Sea gas pipeline will be ‘safe’ (seattletimes.nwsource.com)