The Prosecutor’s Office of Estonia Terminated the Pre-Trial Investigation of the Reorganisation of the Real Estate of Maxima Eesti

2016 - 10 - 04

Accusations made by Mindaugas Marcinkevičius regarding the legality of the reorganisation of Maxima real estate in Estonia were groundless according to the Office of the Prosecutor General of Estonia, which terminated the pre-trial investigation started on the basis of data provided by M. Marcinkevičius as it did not find any signs of criminal activity.

The Office of the Prosecutor General of Estonia ascertained that during the reorganisation of real estate in Estonia in 2011-2012 the then head of the company Maxima Eesti acted within his sphere of competence, and the company managed by him did not suffer any harm. The Prosecutor’s Office ascertained that the data of real estate valuation obtained by two different methods show that the difference in value is insignificant; therefore, there are no grounds for doubting the transparency of the transactions or seeing malicious intent in the actions of the then head of Maxima Eesti.

“Accusations to the company has no grounds because Maxima Grupė reorganises real estate in all countries in transparent way, by contracting independent asset appraisers who have good reputation on the market, therefore we were absolutely sure of such outcome of the investigation,” Alvydas Šustikas, the CEO of Maxima Grupė says.

The Prosecutor General’s Office of Estonia investigated the transactions according to which a part of the real estate of Maxima retail chain in Estonia was transferred to the shareholders of this company. The Prosecutor’s Office examined whether the sales value of the real estate was too low and whether assets belonging to the network were wasted as a result.

Maxima Grupė is a holding company founded in 2007, which controls retail outlets in Lithuania, Latvia, Estonia, Poland, and Bulgaria. Currently, the company owns 540 Maxima X, Maxima XX, Maxima XXX, Aldik and T-Market stores: 235 in Lithuania, 150 in Latvia, 74 in Estonia, 51 in Bulgaria, and 30 in Poland. Over 31 thousand employees work in the companies of the Group.