One of the most well-known auditors in Estonia, Urmas Kaarlep, from the international auditing company PricewaterhouseCoopers concluded that there could be air in the total of 900 million kroons in Port of Tallinn’s balance sheet, BBN announced.
The expert noted that the Port of Tallinn has invested 800 million in the Muuga coal terminal, which is in standstill since last year.
Cargo transportation fell by 32% compared to last year, coal transportation decreased by 97%, writes Eesti Ekspress.
According to Kaarlep, the management most probably believed that transit cargo volume could recover and therefore they have not downgraded their assets.
The auditors now doubt accuracy of the balance sheet value.
In case the port would have downgraded its assets, in which value Kaarlep doubts, to zero, there would be 564 million crones loss in 2007 instead of the booked profit of 336 million.
Port of Tallinn supervisory board approved 860 million kroons investment for Muuga Harbour eastern part extension works in May of this year.
Muuga Harbour expansion includes establishing additional 27-hectare territory and 400-meter long wharf line in the harbour's eastern part, aripaev.ee writes.
The expert noted that the Port of Tallinn has invested 800 million in the Muuga coal terminal, which is in standstill since last year.
Cargo transportation fell by 32% compared to last year, coal transportation decreased by 97%, writes Eesti Ekspress.
According to Kaarlep, the management most probably believed that transit cargo volume could recover and therefore they have not downgraded their assets.
The auditors now doubt accuracy of the balance sheet value.
In case the port would have downgraded its assets, in which value Kaarlep doubts, to zero, there would be 564 million crones loss in 2007 instead of the booked profit of 336 million.
Port of Tallinn supervisory board approved 860 million kroons investment for Muuga Harbour eastern part extension works in May of this year.
Muuga Harbour expansion includes establishing additional 27-hectare territory and 400-meter long wharf line in the harbour's eastern part, aripaev.ee writes.