Parties Launch Bill to Investigate Central Bank Falsification ({{contentCtrl.commentsTotal}})

Source: Photo: Postimees/Scanpix

In a nonpartisan move, Parliament has put forth a bill to establish a special committee to further investigate circumstances surrounding the VEB fund controversy.

The five-member committee will include one member from each parliamentary party as well as an additional member from a loose group of independent ex-Center Party members.

Earlier this month, the Bank of Estonia released an internal audit which found that in 1995 officials at the Bank of Estonia falsified documents in what may have been an attempt to salvage some of the funds frozen in a Soviet-era bank.

The committee is supposed to determine why the central bank falsified the letter and whether any financial transactions were carried out based on the letter.

The deadline for presenting its findings was set for October 1.

In the early 1990s, the Estonian government formed a fund to protect the interests of private and public claimants against the Russian bank VEB, which had frozen all foreign accounts.

The recent audit found irregularities that credited a Russian firm, TSL, with an additional 32 million dollars in the VEB. The sum matched various Estonian government holdings.

Russia said earlier that year it would give only resident companies the opportunity to get back their deposits - in the form of Russian government bonds. Estonian government institutions sold off their claims in VEB - considered doubtful - at market price to North Estonian Bank and Ühisbank, and the claims were acquired by TSL International.

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