According to Siim Tammer, a member of the Financial Inspectorate, misdemeanor proceedings have not reached the stage where a fine could be imposed: “This happens in complex proceedings. But at the same time, this does not mean that Kreditex acted legally.”
Considering the identified violations of the law to be very serious, the Financial Inspectorate on October 31, 2023 invalidated the licenses of the lender and mortgage lender of AB Kreditex.
“The financial inspectorate did this immediately when it became known that the company’s management model was fictitious. It turned out that the company was led by a shadow manager, Alexey Kiprushenkov, whom the inspectorate had previously declared unfit for the position of manager in the financial sector due to his past. The dispute regarding the invalidation of the business license continues in the Tallinn Administrative Court,” the Financial Inspectorate said in a statement.
Commenting on the inspectorate’s decision to revoke the license a year ago, AB Kreditex board member Konstantin Esolainen said that the Financial Inspectorate made erroneous, out-of-context and far-reaching conclusions based on isolated examples.
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