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Lottery head well paid for saving company

  • 2003-05-29
TALLINN

The head of the Estonia's state lottery, Eesti Loto, who is largely credited with rescuing the ailing company, was paid 3 million kroons (190,000 euros) in bonuses during the last two years, the daily newspaper Eesti Paevaleht reported.

In addition to her monthly salary of 38,000 kroons, the newspaper reported that Monika Salu received incentive bonuses because profits exceeded profit targets.

Under an agreement with the lottery's supervisory council, if Eesti Loto doubled its profit in 2001 to 2.36 million kroons Salu was to receive a bonus of 120,000 kroons plus 25 percent of the profit that exceeded the target amount. The actual profit was 10.16 million kroons, which meant a bonus of 2.07 million kroons.

In 2002 profits increased to 13.9 million kroons. The council set a profit forecast of 10.5 million kroons, so Salu was paid a bonus 970,00 kroons.

The lottery company lost about 5 million kroons in 2000, the year before Salu took over.

Now she may be replaced.

Salu signed a two-year contract and is now competing with 27 other candidates for the lottery's top job. The CEO will be named later this week and will receive a fixed bonus of 120,000 kroons.