TALLINN - Economy Minister Edgar Savisaar blocked another attempt by private shareholders of Estonian Railway to revalue the book value of the company's assets at last week's general shareholder meeting.
In fact, the ongoing standoff between the company's private and state owners 's which hold 66 and 34 percent respectively 's prevented Estonian Railway from adopting its annual report.
The management board again presented a report that boosted the value of assets from 2.5 billion kroons to 6.16 billion kroons (160 million to 390 million euros). But ministry officials said that managers didn't provide the required asset evaluation test to prove that the new appraisal is accurately reflected.
Savisaar said it was not correct to show fixed assets in the annual report at a value that was "unrealistically overvalued."
Since no agreement was reached at the general meeting on the value of fixed assets, private owners' representative Edward Burkhardt said he would present further arguments in written form.
