Pärnu County Court declared the bankruptcy of one of the first private entrepreneurs in Estonia Elmar Lepp and appointed Peeter Allikvere the trustee in bankruptcy. Swedbank sought a bankruptcy declaration against Lepp, as he had personally guaranteed two million kroons worth of loans taken by OÜ Lepa Kaubanduskeskus, which belongs to Lepp, his wife Virve Lepp and son Tanel Lepp. Lepa Kaubanduskeskus is now bankrupt and sold to Lepa Keskus OÜ, a joint venture of EfTEN Property Fund and a subsidiary of Silikaat Group, for 25.7 million kroons. Elmar Lepp has repeatedly told the press that the explanations given by the bank when it initiated the bankruptcy procedure were unclear.
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