Estonian TSO chief consulting defense industry's Milrem via private firm

Taavi Veskimägi.
Taavi Veskimägi. Source: Siim Lõvi/ERR

Taavi Veskimägi, chairman of the management board of Estonian electricity and gas transmission system operator (TSO) Elering, is providing consulting services to Estonian defense industry company Milrem and the latter's founder and CEO Kuldar Väärsi via a private company.

Veskimägi is the owner of CACM OÜ, whose primary area of activity as listed in its 2021 annual report is short- and long-term investment management and related activities.

According to the annual report, the company's assets include some €250,000 in investments. In 2021, CACM also generated €92,662 in revenue from consultancy services. In 2020, CACM OÜ had generated €16,940 in revenue from the same.

"This is my investment company, and its economic activity is tied to Estonian startups and growth companies in which I have made small investments," Veskimägi told ERR on Monday. "To a significant extent, this economic activity has been tied to Milrem AS and its majority shareholder Kuldar Väärsi. I was one of Milrem's first investors, and throughout this time I have tried to support the company's activity with both guidance and practical help.

"When making investments, I have principally observed the activity restrictions and reporting obligations arising from my contract as board chair at Elering," he added.

Taavi Veskimägi has served as chairman of the board of Estonian electricity and gas transmission system operator Elering since 2009. According to business daily Äripäev's information, Veskimägi earns an annual salary of €170,500, or nearly €14,200 per month, as chief of the TSO.


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Editor: Aili Vahtla

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