Former interior minister frozen crab empire nets almost €37 million profits

Ain Seppik, former interior minister, and co-owner, with his sons, of two companies which together made reported profits of close to €37 million in 2018. Source: ERR

Two companies owned by former interior minister Ain Seppik and his sons together made a profit of close to €37 million in 2018, Baltic News Service reports.

The two companies, Vertimex OÜ and Multiforce OÜ, which trade in frozen crab, owned by Seppik and his sons Siim and Sulev, stated in annual reports that the combined profits came to €36.9 million, though Vertimex's profit had actually fallen 38.4 percent on year to €13.5 million.

Multiforce OÜ grew from from less than a million in 2017, to €23.4 million last year.

Both companies deal in the purchase and sale of deep-frozen seafood, primarily king crab and snow crab, according to the annual report, which cites raw material price increases and rising volumes traded as the main factors behind the growth.

Vertimex's revenue grew 49.2 percent on year to €128.5 million, primarily from sales to the U.S., according to BNS.

The revenue of Multiforce saw a revenue increase of 66.5 percent to €162.9 million euros, again due to sales to the U.S.

The parent company of both businesses is Bravotex OÜ, owned in equal shares by Ain Seppik, Siim Seppik and Sulev Seppik.

Ain Seppik, 67, was interior minister in 2002 and was at the time a Centre Party member. As reported on ERR News, his companies allegedly had links to shell companies connected with money laundering activities involving now-defunct Danske Bank in Estonia.


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Editor: Andrew Whyte

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