Nordica`s Special Audit Final Report Released

By February 16, 2024 No Comments
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FORT, in collaboration with Ernst & Young Baltic, conducted a special audit of state-owned airline Nordica, and the final report was presented to the Parliament’s Economic Affairs Committee on February 12, 2024.

The audit revealed several issues within Nordica’s risk management. It was also found that the management failed to provide the supervisory board with sufficiently detailed and objective information about on the impact of the decisions, and the board, in turn, did not ask enough questions to obtain necessary information. Additionally, the profitability analyses were based on overly optimistic assumptions.

The audit also refers to the possibility that decisions made by governing bodies may have created risks of conflicts of interest.

The audit assessed management decisions made between January 1, 2020, and July 27, 2023, and it was commissioned by the Ministry of Climate. The FORT team comprised of legal experts Partner Merit Lind and Counsel Katrin Alliksaar.

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