Former Tallinn mayor declared bankrupt, blames investments in Ukraine

Former mayor of Tallinn and ex-finance minister of Estonia, Tõnis Palts, has been declared insolvent. In court, he stated that his financial collapse began with investments in Ukrainian projects in the mid-2000s.

Palts invested in resorts in Crimea and a solar power plant in the Kherson region. He said that even then the country was 'hopelessly corrupt' and business there 'stalled'.

After 2014, the assets ended up on Russian territory, and he chose not to develop them. After 2022, they effectively lost their commercial value.