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Estonian demands fine from Estonian Railway owner

  • 2005-12-24
TALLINN 's The government has demanded that Baltic Rail Service, the private owner of Estonian Railway, pay a 958,000 euro fine for allegedly not meeting the terms of the privatization agreement signed five years ago.

Baltic Rail Service, which consists of a group of U.S. and Estonian investors, has one month to either eliminate the shortcomings or pay the fine, according to the Economy Ministry.

"The state has been a very patient and tolerant contractual partner in the hope that BRS takes the obligations stipulated in the privatization contract seriously," the ministry said.

In recent days the situation around the railroad company has escalated dramatically, with some private owners announcing their intention to bail out and others hinting that they were ready to sell.