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Estonians claim Latvia is risky business

Oct 22, 2009
Staff and wire reports

WATCH YOUR INVESTMENTS: Investors wary over economic outlook and business practices.
TALLINN - Estonian businessmen who expanded their operations to Latvia during the economic boom years are now losing millions from their investments, reports news wire bbn.ee. The Estonians say that fraud is everywhere and debts from their Latvian customers are rising. Speaking at a recent conference in Tallinn, Tallinna Kaubamaja Group owner Juri Kao estimated that Estonian businesses may have lost about one billion kroons (64 million euros) in Latvia. Kao, whose Selver supermarket group rece ...

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