Estonian Air's financial troubles have crippled the company, and the government is keen to make sure an Estonian version of the flyLAL shutdown doesn't occur ahead of Tallinn's Capital of Culture year. Photo by rotate270.

TALLINN — The Estonian government’s bailout plan for Estonian Air has caught the attention of the National Audit Office, which sent letters to the finance and economy ministries on Monday saying that an inquiry into the takeover is planned.

The National Audit Office is concerned that the Cabinet has not asked parliament’s permission for the deal, which gives 90 percent ownership to [private_supervisor]the government but will cost 280 million krooni (€17.9 million). SAS and the Estonian government agreed on June 4 to a rights issue that will give 90 percent ownership to the state, which currently holds 34 percent of the company, while the 49 percent currently owned by SAS will be diluted to 10 percent and investment firm Cresco’s likely to zero. The move is in line with the Scandinavian carrier’s current strategy of selling non-core assets, as it is also struggling.

The letters were sent out to the Minister of Finance Jürgen Ligi and the Minister of Economy Juhan Parts. The National Audit Office also why the deal has not been coordinated with the European Commission for possible state aid.

Whether the National Audit Fund’s inquiry will threaten the deal is unknown, as the agency is saying little on details and prefers not to say anything until the ministers have sent their answers which ave already passed the deadline of June 28.

“First we will wait until we get the answers, after that we’ll form an opinion,” Toomas Mattson, press spokesman of National Audit Office of Estonia told Baltic Reports.

The ministries are not currently commenting on the matter. [/private_supervisor] [private_subscription 1 month]the government but will cost 280 million krooni (€17.9 million). SAS and the Estonian government agreed on June 4 to a rights issue that will give 90 percent ownership to the state, which currently holds 34 percent of the company, while the 49 percent currently owned by SAS will be diluted to 10 percent and investment firm Cresco’s likely to zero. The move is in line with the Scandinavian carrier’s current strategy of selling non-core assets, as it is also struggling.

The letters were sent out to the Minister of Finance Jürgen Ligi and the Minister of Economy Juhan Parts. The National Audit Office also why the deal has not been coordinated with the European Commission for possible state aid.

Whether the National Audit Fund’s inquiry will threaten the deal is unknown, as the agency is saying little on details and prefers not to say anything until the ministers have sent their answers which ave already passed the deadline of June 28.

“First we will wait until we get the answers, after that we’ll form an opinion,” Toomas Mattson, press spokesman of National Audit Office of Estonia told Baltic Reports.

The ministries are not currently commenting on the matter. [/private_subscription 1 month] [private_subscription 4 months]the government but will cost 280 million krooni (€17.9 million). SAS and the Estonian government agreed on June 4 to a rights issue that will give 90 percent ownership to the state, which currently holds 34 percent of the company, while the 49 percent currently owned by SAS will be diluted to 10 percent and investment firm Cresco’s likely to zero. The move is in line with the Scandinavian carrier’s current strategy of selling non-core assets, as it is also struggling.

The letters were sent out to the Minister of Finance Jürgen Ligi and the Minister of Economy Juhan Parts. The National Audit Office also why the deal has not been coordinated with the European Commission for possible state aid.

Whether the National Audit Fund’s inquiry will threaten the deal is unknown, as the agency is saying little on details and prefers not to say anything until the ministers have sent their answers which ave already passed the deadline of June 28.

“First we will wait until we get the answers, after that we’ll form an opinion,” Toomas Mattson, press spokesman of National Audit Office of Estonia told Baltic Reports.

The ministries are not currently commenting on the matter. [/private_subscription 4 months] [private_subscription 1 year]the government but will cost 280 million krooni (€17.9 million). SAS and the Estonian government agreed on June 4 to a rights issue that will give 90 percent ownership to the state, which currently holds 34 percent of the company, while the 49 percent currently owned by SAS will be diluted to 10 percent and investment firm Cresco’s likely to zero. The move is in line with the Scandinavian carrier’s current strategy of selling non-core assets, as it is also struggling.

The letters were sent out to the Minister of Finance Jürgen Ligi and the Minister of Economy Juhan Parts. The National Audit Office also why the deal has not been coordinated with the European Commission for possible state aid.

Whether the National Audit Fund’s inquiry will threaten the deal is unknown, as the agency is saying little on details and prefers not to say anything until the ministers have sent their answers which ave already passed the deadline of June 28.

“First we will wait until we get the answers, after that we’ll form an opinion,” Toomas Mattson, press spokesman of National Audit Office of Estonia told Baltic Reports.

The ministries are not currently commenting on the matter. [/private_subscription 1 year]

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