Kalev fined for poor reporting

  • 2003-09-18
  • Baltic Business News
TALLINN - The Listing and Surveillance Committee of the Tallinn Stock Exchange
discussed a possible breach of rules and regulations by the Estonian
confectionary Kalev.
Having both investigated the circumstances of supervisory operations and
examined the presented materials, the committee found that Kalev repeatedly
delayed the disclosure of information and publicized partial, incorrect or
misleading information.
The committee concluded that Kalev's actions were not in accordance with
rules and regulations and decided to fine Kalev 200,000 kroons (12,800
euros) for violating the rules and regulations.
Kalev was ordered to immediately disclose all information concerning the
agreement between the shareholders of Kalev, regarding the purchase of the
Keila-Joa housing complex.
The committee also demanded that Kalev immediately disclose all information
concerning the transfer of the debt of Greenbox (ETFC Grupp).