Baltic States – CIS, Energy, Estonia, Transport

Endel Siff.

"I don't want ever to shake his hand again or do any business with him," said Siff about his relationship with Kanajev. Last Friday Siff sold his 53.5% holding in N-Terminal Group to TSE Assets that belongs to Amarant, a company registered in Moscow in Pestchanaya street. The owners of Amarant are unknown.

"One very important phase in my life is over and the company is now being taken forward by new owners with new energy and new possibilities," said Siff, commenting the deal.

Speaking of Kanajev who owns 16.6% of N-Terminal Group, Siff said that relations with him had become impossible. "Kanajev's attempt to turn shareholders against each other is the reason why I decided to sell the holding," he said.

Siff claims that Kanajev had done nothing for the company, but taken out hundreds of millions of kroons in dividends.

"Not that the dividend flow has ceased, he is disturbed and angry. Is it mania grandiosa or what? I am not a shrink to answer that question," added Siff.

Siff did not disclose the sale price or names of new partners. "I have an agreement not to disclose this information," said Siff.

When asked whether Siff informed other shareholder of selling his holding, Siff said that they would learn about it today or in near future.

Silver Eensaar, the board member of TSE Assets, did not wish to comment the transaction and says that he knows the new owners.

"They are modest people and don't want publicity," he said.

According to Kanajev, Siff did not inform other shareholders of his plans to sell the shares.

"This is the first time that I hear about this transaction," Kanajev said yesterday, adding that he was suspecting a scam.

Since 2000, N-Terminal Group has paid its owners 562 million kroons in dividends, most recently in 2007.