Many members of the recently sworn-in government are active in the world of business and as investors. Minister of Climate Kristen Michal (Reform), whose company owns shares of several banks and Merko Ehitus, said that his holdings are too small to pose a conflict of interest and that such investments in the Estonian economy are a sign of trust.
Kristen Michal owns Rohelised Torud OÜ he has used to invest in Merko Ehitus, LHV Group, Coop Pank and Enefit Green.
The firm's 2021 annual report reveals that Rohelised Torud made a net profit of over €56,000 and its assets were worth nearly €156,000.
Michal also owns a stake in Ühendatud Kanalid OÜ that operates online portals. That said, the company, owned by former Reform secretary general Martin Kukk, has not reported recent business activity.
Michal told ERR that the Anti-Corruption Act allows members of the government to engage in business activity and make decisions if their stake is less than 10 percent.
"My stakes in all of these ventures are microscopic, nor am I likely to ever see them grow past that threshold, while there's always hope. Should there be doubts regarding whichever decisions, I will consult capable officials and/or sell my stakes or recuse myself from certain decisions," Michal said.
The minister added that he recommends people in Estonia and especially decision-makers to invest in Estonian business for which tradable shares offer a good opportunity.
"In the case of decision-makers, such investments in Estonian business demonstrate trust in the future of the economy and business environment in general, Michal remarked.
Editor: Marcus Turovski