Foreign minister sells stake in field hospital company to Linnamäe

Margus Tsahkna (Eesti 200).
Margus Tsahkna (Eesti 200). Source: Priit Mürk/ERR

Minister of Foreign Affairs Margus Tsahkna (Eesti 200) has sold his minority stake in field hospital developer MM Hospital OÜ to Semetron, a company owned by Estonian business tycoon Margus Linnamäe.

A couple of weeks ago, MM Hospital's owners included Semetron AS with a 72.73 percent stake, Defendest OÜ with a 20 percent stake and Virtual Trading OÜ with a 7.27 percent stake.

The first change occurred with the departure of Virtual Trading from the company's circle of owners, following which Semetron's stake grew to 80 percent. At the time, the other 20 percent still remained in the hands of Defendest OÜ, whose real beneficiary is listed in the business register as Margus Tsahkna.

According to current business register data, MM Hospital is now fully owned by Semetron, whose real beneficiary is listed in the register as Margus Linnamäe. The price of the transaction is not known.

Weekly investigative Eesti Ekspress (EE) reported on August 2 (link in Estonian) that during his political career as minister of defense and MP, Tsahkna had in those capacities heavily promoted defense industry interests. He later went on to work as export manager for Semetron, a defense industry company, where he was tasked with securing contracts for the company from Estonia and abroad.

While Tsahkna has once again been serving as minister since spring, working for Semetron cannot be described as his previous "job," as Tsahkna remains a shareholder of Semetron's field hospital business-related business entity MM Hospital, EE wrote in early August.

In a comment provided to the paper at the time, Tsahkna stressed that his private sector career ended upon becoming a member of the government, and that he was currently looking to sell his mobile hospital business. Now the current foreign minister has officially done so.

MM Hospital was founded last July. It hasn't yet submitted its annual report, however according to the business register, in the second quarter of 2023, the company has paid €666,476 in state taxes and €15,777 in labor taxes, with a taxable turnover of €4,344,840 and one employee.


Follow ERR News on Facebook and Twitter and never miss an update!

Editor: Aili Vahtla

Hea lugeja, näeme et kasutate vanemat brauseri versiooni või vähelevinud brauserit.

Parema ja terviklikuma kasutajakogemuse tagamiseks soovitame alla laadida uusim versioon mõnest meie toetatud brauserist: