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Ex-CEO Faces €3.2M Judgment After Missing Court Date
Former Kalevi Panorama CEO Yuri Petrov has been ordered by an Estonian court to pay 3.2 million euros to his former company after a default judgment was issued when he failed to appear for a hearing he claims he was never notified about.
- —The Harju County Court has ruled that former Kalevi Panorama CEO Yuri Petrov must pay the company 3.2 million euros in a dispute related to the development project.
- —Yuri Petrov disputes the court's decision, stating he was unable to present his case and that the ruling was made in absentia.
- —Petrov did not attend the court hearing, leading to speculation about whether he received the electronic summons.
- —The legal battle over the Kalevi Panorama residential complex has been ongoing for approximately a year, involving disputes over company management and financial matters.
Recap
This court order is less a conclusion and more a tactical escalation in a protracted power struggle for control of the Kalevi Panorama project. The €3.2 million judgment provides leverage to the company's current leadership, but Yuri Petrov's immediate challenge on procedural grounds guarantees further litigation. The core issue is a complete breakdown of trust between local management and a foreign majority shareholder, creating significant instability and legal risk for a major real estate development.