Businessman seeks control over Estonia’s largest dairy

16.05.2012, 10:28

Estonian businessman Toomas Tool is the only creditor of Luterma, a bankrupt company owned by Oliver Kruuda, to continue the battle for the shares of Estonia’s largest dairy group Tere.

A company owned by Tool has notified Luterma’s bankruptcy administrator that it is prepared to pay about 100,000 euros in state duty as otherwise the bankruptcy case would be closed.

Veli Kraavi, bankruptcy trustee of Luterma, said that one creditor of Luterma has asked the court to extend the deadline for paying the state duty.

Another creditor, VS Inkasso that is seeking 3 million euros that it bought from Ahtri Maja and belongs to Toonart Rääsk is also known to be considering paying the state duty.

Tool hopes that the move will allow him to regain control over shares of Tere that Kruuda sold from Luterma to Kruuda’s private company Debt Adviser before Luterma became bankrupt.

Before Debt Adviser went bankrupt, Kruuda transferred the shares to Rubla Ltd.

Tool’s company Dalton Eesti is claiming 3 million euros from Luterma.
The financial dispute between Tool, Rääsk and Kruuda dates back to several years ago when Alta Foods, a major food group controlled by Indrek Rahumaa, offered to buy Kalev candymaker and Tere dairy group from Kruuda.

Alta Foods made a prepayment of 6 million euros to Luterma, but then failed to come up with the rest of the money and went bankrupt.

Both Tool and Rääsk were creditors of Alta Foods.

All in all, creditors are claiming almost 60 million euros from Luterma including 12 milion euros claimed by the tax authority, 6.2 million euros claimed by Swedbank and 3.4 million euros claimed by SEB.