Baltic States – CIS, Banks, Estonia, Financial Services, Legislation

The decision means that the council of Krediidipank was elected legally.

Krediidipank and Bank of Moscow were disputing whether the Bank of Moscow had the right, at the Krediidipank shareholders meeting in March 2012, to submit its candidates directly to the council or they should have submitted the candidates three days before the meeting, like the Business Code requires.

During the dispute, the Harju county court decided in favour of Krediidipank. The District Court ruled in favour of Bank of Moscow. The Supreme Court decided in favour of Krediidipank, saying that the plaintiff should have submitted its council member candidates by the time determined in the Business Code and when submitting them later, the defendant did not have to vote upon these candidates. Thus the requirements of voting were not violated and the disputed general meeting decision doesn't have to be annulled.

Krediidipank council members are Andrus Kluge, Timur Dyakov, Boris Beliaiev, Ain Soidla and Artur Klaos.

At the end of last year Bank of Moscow owned 59.73% of Krediidipank but in spring of 2012, the stake was below a half.