Earlier this year, Trigon Capital owner and CEO Joakim Helenius and a company associated with Trigon Capital were greenlit by Estonia's Competition Authority to move forward with purchasing the agricultural company Estonia Farmid OÜ. While the sale price has remained undisclosed since the start, this deal has been referred to as the largest in the history of the country's agricultural sector, reported ETV's "Aktuaalne kaamera."

Two banks were found to cofinance the deal, which made binding loan offers.

"We then scheduled an appointment with the notary, which was supposed to be at 2 p.m.," Helenius recalled. "At 12:30 p.m., one of them called us and said that they had reconsidered the risks and could no longer proceed with the deal."

The parties involved declined to disclose the name of the bank.

Helenius did not understand why the bank didn't raise any questions earlier, as the bank had several months to review the details of the loan agreement. According to the businessman, nothing of this sort has ever happened in Estonia before.

"If banks in Estonia behaved like this, I don't think our business environment would survive," he said. "We in Estonia are used to the fact that when a bank makes a binding loan offer, then the money is there."

Helenius added that they did try to find a new cofinancer, but were unsuccessful due to time constraints. They will continue seeking alternatives, but he acknowledged that this will be extremely challenging.

An international financier may likely be needed to purchase Estonia Farmid, but the geopolitical situation in Estonia's neighborhood presents a significant obstacle.

Estonian Employers' Confederation (ETK) director Hando Sutter likewise says that the overall lack of confidence has been one of the key barriers in the recovery of Estonia's economic growth.

"There is no certainty about what tomorrow will bring, and [people] aren't spending, which is bad," Sutter noted. "Money is sitting in accounts. Another issue is that investments aren't being made. So yes, after a long time, this was the kind of good news Estonia had been waiting for — hoping it would be a major development. Unfortunately, that didn't happen either.

Sutter emphasized that compared to the Lithuanians or Finns, Estonians' confidence is significantly lower, despite the shared enemy and location. Which is why he believes the government should better emphasize what is being done for national defense.

Minister of Economic Affairs and Infrastructure Erkki Keldo (Reform) admitted that the problem exists, and that more could be done to address it.

"Our threat awareness is realistic," Keldo stated. "But I do agree that along with a realistic threat awareness, we also need to send more messages of reassurance. When I travel abroad with Estonian businesspeople, then that is precisely what I emphasize: that we are investing in our own defense to ensure that nothing bad ever happens here."

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