Estonian state owned companies to lose hundreds of millions kroons

The new state budget draft act tightens state companies’ chubby dividends and the state isn’t ashamed to take dividends even form companies in loss.
Same topic in BBNState to take EEK 100 mln in dividends from Port of Tallinn

According to the draft act, all state companies have to pay dividends. Estonian State Forest Management Centre RMK has to pay the largest dividends. “RMK earns a profit which undistributed part can be taken out, EEK 680 mln of that money is planned in 2009 state budget,” press representative of Estonian Ministry of Environmental Affairs said, Postimees writes.

Also the postal company Eesti Post has to give the state EEK 10 mln next year even despite the fact that the company has been in loss for the last years. Chairman of the supervisory board, Meelis Atonen, said that such plan came for him as a surprise. “Eesti post is a company that is fighting with loss,” he said. “Taking dividends in such situation is very wrong. A proper owner wouldn’t do that.”

State owned energy company Eesti Energia has to pay the state EEK 123 mln in dividends, AS Lennuliiklusteenindus EEK 75 mln and Port of Tallinn EEK 100 mln.

In addition, Estonian central bank should to pay the state EEK 200 mln, Eesti Loto EEK 102 mln and Eesti Telekom EEK 300.125 mln.

1.00 EEK = 0.0896929 USD