Company briefs - 2012-04-24

In what may be lessons learned from the Bank Snoras disaster, permission to establish a representative office in Lithuania was not issued to Investicionnyj Torgovyj Bank, reports ELTA. The board of the Bank of Lithuania decided to refuse permission to Investicionnyj Torgovyj Bank, a commercial bank registered in the Russian Federation, to establish a representative office in Lithuania. The board adopted the resolution, taking into consideration the fact that not all requested data related to the activity of the bank were submitted: comprehensive information on this bank’s shareholders was not submitted. This information is required to assess the bank’s (its shareholders’) suitability, in order to ensure the reliability of the domestic banking system. The resolution was adopted in accordance with Article 11 of the Law on the Bank of Lithuania and Article 22 of the Law on Banks.

The Baltic States’ largest solar energy station, a 100 KW project, will soon start operating in Vorumaa county, southeast Estonia, reports Pubic Broadcasting. Eleven concrete foundations and metal poles have already been installed in Keema village near Kurenurme. Now preparations for installing equipment and cables is under way. The solar panels will turn towards the light automatically and the station will produce energy even in cloudy weather in winter, gathering light that is reflected from snow. It is possible to cattle farm under the solar panels, thus the land can also be utilized. “There [is the belief] that there just isn’t any sun in Estonia,” said Energy Smart board member Viido Polikarpus. “We don’t have to live on oil shale diesel here in Estonia – this is yesterday’s technology. Let us embrace tomorrow, let us embrace solar energy,” says Polikarpus. Once the solar panels are up, it will be the Baltic States’ first business enterprise in that field.