Estonia, Financial Services, Investments, Legislation, Markets and Companies

Although the Supreme Court decided to uphold the District Court decision convicting Tool (49) and Kirber (33), it annulled the District Court's decision on the financial punishment against Tool and the District Court has to discuss that anew.

The Tallinn District Court convicted Tool and Kirber in October last year for bourse manipulation and punished Tool with a fine of 500,000 euros in a court saga that has lasted for years. Kirber was demanded to pay a fine of 10,545 euros and 42 cents.

Tool was accused of manipulating with the share of construction developer Arco Vara, a small-time owner of which he was, back in 2008, with the aim of making the share price fall at the stock exchange. Tool gave orders to SEB broker Karoly Kirber to sell the company's shares in large amounts over a small amount of time, what resulted in cheapening of the price of the shares. The court stated that Tool's aim wasn’t getting rid of Arco Vara shares but market manipulation since he continued to increase his stake in Arco Vara. When the court decision was made, he owned a third of the company's shares and was a member of the company's council.