NTU decision to adjudge former Novatours OÜ country manager a possibly unpaid remuneration

As previously announced in 2017, Andree Uustal, country manager of AB “Novatoras“ Estonian subsidiary "Novatours“ OÜ, was recalled from his position as member of Estonian subsidiary management board following alleged illegal misappropriation of company assets. Accordingly AB “Novaturas“ management has decided to initiate law cases as regards of misappropriation of company assets and damages to the company. A number of investigations and legal proceedings are in progress at the moment and they cannot be communicated publicly without the permission of competent authorities. Please note that due to the foregoing proceedings, the favorable decision for Andree Uustal cannot be judged in isolation from other investigations and legal proceedings against him and other persons who may have committed illegal acts.
Currently, after considering the arguments of the Harju County Court in Estonia and after consulting a law firm representing “Novatours“ OÜ, it has been decided to appeal the decision in accordance with the law. "This verdict is not final. We will comply with legal requirements in order to avoid any interpretations that could possibly make pressure to courts to disclose facts or provisional decisions of the case," - comments AB “Novaturas“ CEO Audronė Keinytė. "Final decision does not and will not affect AB “Novaturas“ financial status anyhow. The company is listed on Vilnius and Warsaw Stock Exchanges, all financial statements are publicly available, the company acts transparently and responsibly towards its shareholders, employees and the public." Novaturas will further notify the significant events in accordance with legal requirements. Finance director, Tomas Staškūnas tomas.staskunas@novaturas.lt, +370 687 10426