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Category: Baltics

  • MIL-OSI Europe: Written question – Truck drivers on strike in Venlo, the Netherlands – E-001422/2025

    Source: European Parliament

    Question for written answer  E-001422/2025
    to the Commission
    Rule 144
    Marit Maij (S&D), Gabriele Bischoff (S&D), Marc Angel (S&D), Johan Danielsson (S&D), Estelle Ceulemans (S&D), Marianne Vind (S&D)

    In Venlo, truck drivers from Central Asia are on strike. Their employers, often based in Lithuania where the truck drivers barely work, exploit them, deny them transparent information, fail to comply with pay legislation and make them work under poor conditions; their trucks are not even heated. These employers instruct the truck drivers to manipulate their tachographs and to knowingly lie to police officers – for example, to lie that they have slept outside of their vehicle over the weekend and have been staying with family – to avoid problems of compliance with EU legislation. If the drivers demand their pay documentation and salary, the transport companies’ reaction is to threaten them and even to send men to use violence against them.

    • 1.Is the Commission aware of the situation of the truck drivers in Venlo, and does the Commission intend to help find a solution to the situation that these drivers are in?
    • 2.How is the Commission planning to ensure that compliance with existing legislation, such as Regulation (EC) No 561/2006 and (EU) 2020/1054 on road transport and drivers’ working conditions, and Regulation (EU) No 165/2014 on recording equipment in road transport, is better enforced?
    • 3.What is the Commission’s view of the role of these transport companies’ clients, and are they also responsible for remedying such situations?

    Submitted: 8.4.2025

    Last updated: 24 April 2025

    MIL OSI Europe News –

    April 25, 2025
  • MIL-OSI USA: Kaptur Response To Vance And Rubio Statements On United States Abandoning Peace Talks Unless Ukraine Capitulates

    Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

    Toledo, Ohio —  Today, Congresswoman Marcy Kaptur (OH-09), Co-Founder and Co-Chair of the Congressional Ukraine Caucus released the following statement in response to public statements by Secretary of State Marco Rubio and Vice President JD Vance that the United States of America should abandon being part of peace talks between Russia and Ukraine unless Ukraine agrees to surrender portions of its sovereign territory which were illegally annexed by Russia.

    “Please let me remind the US Vice President and Secretary of State — Freedom means never Surrender, and Liberty must never capitulate to Dictatorship.  America does not live alone on this Earth. Our nation lives in a Free World alliance that is tested every day.

    “Our leaders cannot turn America’s back to the murderous forces from Russia illegally bearing down on Ukraine. History is clear: Russian dictators if given an inch have always invaded further into territory that is not theirs. The facts speak for themselves — just ask Georgia, Poland, Estonia, Latvia, and Lithuania.  Russia now taunts our nation’s closest military Allies on the European continent. We honor them and our collective memory of the historic sacrifice and bloodshed that built the Free World bequeathed to us.

    “The Trump Administration proposes that the US abandon our European Allies. With them, our nation intergenerationally has painstakingly built NATO — a global fortress of democratic nations. Across Europe from the ruins of World Wars I and II lie the precious graves of 411,516 American soldiers. These heroes and heroines fought for the cause of Liberty and a world order that enshrines it, and our joint commitment to defend it above all else. This moment for Ukraine is a crucial test of our common purpose — freedom or subjugation?

    “No succor can be allowed to a murderous dictatorship. No matter how many of Russia’s rich oligarchs seek to plunder and steal from the sacred soils and minerals of Ukraine, the Free West must stand united and say ‘No!’ Freedom lovers must not ignore history and allow Putin’s illegal invasion of Crimea and other stolen territories in Ukraine.

    “No stolen territory should be ceded to Putin. Spanning 11 time zones, Russia holds enough territory. Putin has no need for Ukraine, which is among the poorest nations in Europe. His plunder seeks to reconstitute the vanquished Soviet dictatorship as he longs for more that is not his. Putin now issues an ultimatum: unless Ukraine agrees to surrender territory Russia ruthlessly and illegally invaded and seized there will be no peace deal. 

    “The United States as leader of the Free world must never ever genuflect to tyrants. Aggressor Putin wants the United States to walk away from the negotiating table according to the terms the U.S. Vice President and Secretary of State laid out today. Those terms include ceding Ukraine’s territory to Russia. 

    “Russia is losing the war it started without provocation in 2014. It is losing a war that Putin started and escalated in bloody fashion when he initiated a full-scale invasion in 2022. Sadly, at every step of the way, the Trump Administration has conceded to Putin’s demands without Ukraine‘s consent.  Russia does not recognize international agreements. It never has. 

    “During World War II, it reneged on the Ribbentrop-Molotov agreement. Following World War II, Russia broke its commitments, made at the Yalta conference with its conquest of Poland. Russia signed the Budapest Memorandum to guarantee Ukrainian security and yet it invaded Ukraine. Putin even violated the cease-fire on targeting energy and civilian infrastructure targets negotiated by the Trump administration just weeks ago. Vladimir Putin and Russia, simply cannot be trusted.

    “Why would the Vice President, Secretary of State or any world leader believe that communist dictator Vladimir Putin and the Russian regime will hold to a peace agreement?  They never have. 

    “The only way to force Russia to abide by such agreement is to include strong security guarantees for Ukraine, to ensure Russia will remain in its own borders or face, serious, global sanctions, and consequence so severe they would collapse the Russian economy. Short of that, with the Vice President’s and Secretary of State’s abdication, Ukraine has everything to lose and Russia has everything to gain.  The White House isn’t leading a legitimate peace process. It is enabling the globally aggressive reach of the most lethal Dictatorship in Europe.”

    # # #

    MIL OSI USA News –

    April 25, 2025
  • MIL-OSI Europe: OLAF intelligence supports Lithuanian Customs in major sanctions evasion probe

    Source: European Anti-Fraud Offfice

    Press release no. 8/2025
    PDF version 

    On 10 April, investigators from the European Anti-Fraud Office (OLAF) joined officers from the Lithuanian Customs Criminal Service (MKT) in a successful raid on a company suspected of violating EU sanctions.

    The investigation targeted a business allegedly involved in the illegal export of sanctioned goods to Russia and Belarus. While the items in question were lawfully manufactured in various EU Member States, it is believed the company rerouted them through Central Asian countries to circumvent EU sanctions.

    During the inspection, significant quantities of potentially sanctioned commodities, large sums of money and weapons were seized. Prior to the raid, OLAF provided intelligence and analytical support that proved instrumental in uncovering a suspected scheme to evade EU export restrictions. Preliminary findings also suggest the company may have facilitated similar operations for other firms.

    The pre-trial investigation, led by the Vilnius Regional Prosecutor’s Office, estimates the value of the seized goods at approximately €1.5 million.

    OLAF provided investigative support, advanced analytical tools and relevant data throughout the investigation. As the investigation remains ongoing, OLAF is also liaising with authorities in both EU and non-EU countries to verify the export routes and trace the final destination of the goods. The intelligence gathered will support other EU Member States in discovering potential new illicit trade flows of sanctioned goods. 

    OLAF Director-General Ville Itälä said: “OLAF remains committed to supporting EU Member States in upholding sanctions and protecting the financial interests of the Union. In this case, OLAF provided investigative intelligence and analysis, while also acting as a bridge between the different national authorities involved. We are glad to have been able to support our Lithuanian colleagues in such a crucial effort as the enforcement of the EU’s export sanctions. Together we help strengthen the security of the EU.”

    OLAF mission, mandate and competences:
    OLAF’s mission is to detect, investigate and stop fraud with EU funds.    

    OLAF fulfils its mission by:
    •    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;
    •    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;
    •    developing a sound EU anti-fraud policy.

    In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:
    •    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;
    •    some areas of EU revenue, mainly customs duties;
    •    suspicions of serious misconduct by EU staff and members of the EU institutions.

    Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.

    For further details:

    Pierluigi CATERINO
    Spokesperson
    European Anti-Fraud Office (OLAF)
    Phone: +32(0)2 29-52335  
    Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
    https://anti-fraud.ec.europa.eu
    LinkedIn: European Anti-Fraud Office (OLAF)
    Bluesky: euantifraud.bsky.social

    If you’re a journalist and you wish to receive our press releases in your inbox, pleaseleave us your contact data.

    MIL OSI Europe News –

    April 25, 2025
  • MIL-OSI: Bigbank’s Unaudited Financial Results for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Bigbank’s total gross loan portfolio grew to a record 2.3 billion euros by the end of the first quarter, up 102 million euros (+5%) quarter on quarter and 550 million euros (+32%) year on year. The business loan portfolio grew by 44 million euros (+6%) to 808 million euros, the home loan portfolio by 51 million euros (+8%) to 664 million euros and the consumer loan portfolio by 12 million euros (+1%) to 840 million euros compared to the previous quarter.

    Bigbank’s deposit portfolio grew in the first quarter mainly through savings deposits. In countries with smaller deposit portfolios, Bigbank offered attractive savings deposit rates in the first quarter – the highest rate was 3.25%, which was offered throughout the quarter in Estonia. While interest rates were lower in the Netherlands and Germany, which have the largest savings deposit portfolios, customers in those countries also showed strong interest in Bigbank’s savings deposits, despite fierce competition and decreasing interest rates.

    Compared to the previous quarter, the Group’s savings deposit portfolio grew by 124 million euros (+12%) to 1.14 billion euros and term deposit portfolio increased by 33 million euros (+2%) to 1.4 billion euros. Current accounts launched for existing customers in Estonia in December last year amounted to 3 million euros at the end of the first quarter. The Group’s total deposit portfolio grew by 159 million euros (+7%) quarter on quarter and by 400 million euros (+19%) year on year to 2.55 billion euros.

    In the first quarter of 2025, Bigbank earned a net profit of 9.8 million euros. Compared to the first quarter of 2024, net profit increased by 3.4 million euros, driven by an improvement in the payment performance of the consumer loan portfolio through a decrease of 1.1 million euros in the net allowance for expected credit losses and a decrease of 2.4 million euros in provisions.

    Compared to the first quarter of 2024, interest income grew by 3.3 million euros (+8%) to 46.2 million euros. Due to the growth in the deposit portfolio and the increase in the volume of bonds issued, interest expense grew also by 3.3 million euros (+19%) to 20.6 million euros. Compared to the same period last year, Bigbank’s net interest income remained stable at 25.6 million euros.

    A positive development in the first quarter was the improvement in the payment performance of the Baltic consumer loan portfolios. As a result, the Group’s net allowance for expected credit losses decreased by 1.1 million euros year on year to 4.6 million euros. In addition, while provisions of 2.4 million euros had to be recognised in the first quarter of 2024, no such costs were incurred in the first quarter of 2025. The credit quality of home loans continued to be very good, and the business loan portfolio was fairly stable.

    Compared to the end of 2024, the portfolio of loans more than 90 days past due grew by 4.7 million euros to 58.8 million euros and accounted for 2.5% of the total loan portfolio (+0.1 pp from the end of 2024). The share of stage 3 (non-performing) loans grew by 10.1 million euros in the first quarter and accounted for 5.1% of the total loan portfolio at the end of the quarter (+0.2 pp from the end of 2024). A relatively high level of the stage 3 portfolio is mainly related to a few bigger loans which are well secured and therefore do not increase expected credit losses. As the share of stage 3 loans surpassed the 5% threshold, Bigbank activated an action plan to bring the level below 5%. This movement was not unexpected as the Group has significantly reduced the sale of non-performing loans in recent quarters. Slower growth in loans more than 90 days past due and their overall lower level reflect that, in addition to loans with long-term payment delays, a significant share of stage 3 loans is made up of loans without long-term payment delays.

    The investment property portfolio increased to 72.6 million euros by the end of the first quarter (+9% compared to the end of 2024). The Group did not recognise any gains or losses from changes in the fair value of investment property during the period.

    Bigbank issued Additional Tier 1 (AT1) bonds in the amount of 3 million euros in the first quarter, increasing its common equity Tier 1 capital by the same amount. A total of 300 bonds with a nominal value of 10,000 euros each were issued to 38 investors. The initial issue size of 3 million euros was fully subscribed. In addition, Bigbank increased the volume of AT1 bonds issued in November 2024 by 1 million euros in the first quarter.

    Income statement, in thousands of euros Q1 2025 Q1 2024 3M 2025 3M 2024
    Net interest income 25,574 25,557 25,574 25,557
    Net fee and commission income 2,523 2,164 2,523 2,164
    Net income (loss) on financial assets 1,950 1,071 1,950 1,071
    Net other operating income -895 -849 -895 -849
    Total net operating income 29,152 27,943 29,152 27,943
    Salaries and associated charges -7,477 -6,412 -7,477 -6,412
    Administrative expenses -2,752 -3,669 -2,752 -3,669
    Depreciation, amortisation and impairment -2,137 -2,052 -2,137 -2,052
    Other gains (losses) 14 -2,419 14 -2,419
    Total expenses -12,352 -14,552 -12,352 -14,552
    Profit before loss allowances 16,800 13,391 16,800 13,391
    Net allowance for expected credit losses -4,635 -5,720 -4,635 -5,720
    Profit before income tax 12,165 7,671 12,165 7,671
    Income tax expense -2,301 -1,275 -2,301 -1,275
    Profit for the period from continuing operations 9,864 6,396 9,864 6,396
    Profit from discontinued operations 0 21 0 21
    Profit for the period 9,864 6,417 9,864 6,417
    Statement of financial position, in thousands of euros 31 March 2025 31 Dec 2024 31 March 2024
    Cash and cash equivalents 487,160 448,661 652,065
    Debt securities at FVOCI 49,431 22,334 13,586
    Loans to customers 2,297,987 2,196,482 1,747,606
    Other assets 109,603 110,939 89,823
    Total assets 2,944,181 2,778,416 2,503,080
    Customer deposits and loans received 2,560,513 2,401,689 2,161,463
    Subordinated notes 95,943 91,668 76,476
    Other liabilities 16,885 15,290 21,688
    Total liabilities 2,673,341 2,508,647 2,259,627
    Equity 270,840 269,769 243,453
    Total liabilities and equity 2,944,181 2,778,416 2,503,080

    Compared to the unaudited financial results published for Q1 2024, the net interest income and the net allowance for expected credit losses for the Q1 2024 have been adjusted, both reduced by 0.8 million euros. The adjustment is related to an identified error, where interest income from impaired financial assets had been accrued on the gross exposure of the financial assets, rather than on net basis. This correction does not impact the net profit for Q1 2024.

    Comment from Martin Länts, Chairman of the Management Board of Bigbank AS:

    In the first quarter of 2025, Bigbank continued its strong growth across all core areas. Our loan portfolio reached a record 2.3 billion euros, with increases in business, home, and consumer loan segments. Particularly encouraging is the significant growth of the home loan portfolio, reflecting not only a more active real estate market but also the trust customers place in Bigbank.

    Our deposit portfolio also continued to grow, driven primarily by our savings deposit product. We are pleased to see that more and more people are choosing our savings deposit – a product that combines some of the best interest rates on the market with flexible access to savings. During the quarter, the volume of the savings deposit portfolio increased by 123 million euros, reaching a group record of 1.14 billion euros.

    The current account service launched for Estonian customers in December last year has been well received. By the end of the quarter, over 3,500 customers had opened a current account. Bigbank offers a 2% interest rate on current account balances. Product development in the field of daily banking will continue at full speed in the coming quarters, with the aim of launching new functionalities in Estonia and gradually expanding the service to Latvia and Lithuania.

    Net profit for the first quarter of the year amounted to 9.8 million euros, an increase of 3.4 million euros compared to the same period last year. This growth was supported, among other factors, by a significant improvement in the payment behaviour of the consumer loan portfolio, which led to a decrease in the net cost of expected credit loss.

    In March, we successfully completed a 3-million-euro AT1 bond issue, which was fully subscribed. In addition, we increased the volume of bonds issued in November 2024 by 1 million euros. Both transactions were aimed at meeting regulatory capital requirements and support the continuation of the bank’s strategic growth, focusing on the expansion of the home and business loan portfolios.

    We thank all our investors and partners for their trust. Our goal remains to provide strong, responsible, and long-term value-creating banking.

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 31 March 2025, the bank’s total assets amounted to 2.9 billion euros, with equity of 271 million euros. Operating in nine countries, the bank serves more than 169,000 active customers and employs over 550 people. The credit rating agency Moody’s has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Telephone: +372 5393 0833
    Email: argo.kiltsmann@bigbank.ee
    www.bigbank.ee

    Attachment

    • Bigbank_interimreport_Q1_2025

    The MIL Network –

    April 24, 2025
  • MIL-OSI Europe: REPORT on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section IX – European Data Protection Supervisor – A10-0053/2025

    Source: European Parliament

    2. MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

    with observations forming an integral part of the decision on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section IX – European Data Protection Supervisor

    (2024/2028(DEC))

    The European Parliament,

    – having regard to its decision on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section IX – European Data Protection Supervisor,

    – having regard to Rule 102 of and Annex V to its Rules of Procedure,

    – having regard to the opinion of the Committee on Civil Liberties, Justice and Home Affairs,

    – having regard to the report of the Committee on Budgetary Control (A10-0053/2025),

    A. whereas, in the context of the discharge procedure, the discharge authority wishes to stress the particular importance of further strengthening the democratic legitimacy of the Union institutions by improving transparency and accountability, and implementing the concept of performance-based budgeting and good governance of human resources (HR);

    B. whereas data protection is a fundamental right, protected by Union law and enshrined in Article 8 of the Charter of Fundamental Rights of the European Union;

    C. whereas Article 16 of the Treaty on the Functioning of the European Union provides that compliance with the rules relating to the protection of individuals, with regard to the processing of personal data concerning them, is to be subject to control by an independent authority;

    D. whereas Regulation (EU) 2018/1725 provides for the establishment of an independent authority, the European Data Protection Supervisor (the ‘EDPS’), responsible for protecting and guaranteeing the right to data protection and privacy, and tasked with ensuring that the institutions and bodies, offices and agencies of the Union embrace a strong data protection culture;

    E. whereas the EDPS carries out its functions in close cooperation with fellow Data Protection Authorities (DPAs) as part of the European Data Protection Board (EDPB), and it serves the public interest while being guided by principles of impartiality, integrity, transparency, pragmatism and respects Union legislation;

    1. Notes that the budget of the EDPS falls under MFF Heading 7 ’European public administration’, which amounted to a total of EUR 12,3 billion, i.e. 6,4 % of Union budget spending, in 2023; notes that the budget of the EDPS represented 0,18 % of MFF Heading 7 appropriations;

    2. Notes that the Court of Auditors (the ‘Court’), in its Annual Report (the ‘Court’s report’) for the financial year 2023, examined a sample of 70 transactions under MFF Heading 7, of which 21 (30 %) contained errors; further notes that for five of those errors, which were quantified by the Court, the Court estimated a level of error below the materiality threshold;

    3. Notes from the Court’s report its observation that administrative expenditure comprises expenditure on HR including pensions, which in 2023 accounted for about 70 % of the total administrative expenditure, and on buildings, equipment, energy, communications and information technology; welcomes the Court’s renewed opinion that, overall, administrative spending is low risk;

    4. Notes from the Court’s report that in 2023 it audited a salary payment of an official who had last made a declaration concerning rights to family and child allowance in 2020; echoes the Court’s concern that delays in receiving and verifying such declarations increase the risk of ineligible payments;

    Budgetary and financial management

    5. Notes that the final adopted budget for the EDPS was EUR 22 711 559 in 2023, which represents an increase of 12,06 % compared to 2022; notes that the budget of the EDPS also covers the work of the independent Secretariat of the EDPB; notes from the Annual report of the EDPS for 2023 (the ‘Annual Report’) that the adopted budget of the EDPB was EUR 7,67 million in 2023, including EUR 300 000 granted by means of an amending budget which was needed due to an increase in litigation activities in 2023;

    6. Acknowledges that the budget monitoring and planning efforts of the EDPS in the financial year 2023 resulted in a budget implementation rate of current year commitment appropriations of 96 % in 2023 (slightly lower than in 2022 when that rate was 98 %); further notes from the report on the EDPS annual accounts for 2023 that the current year payment appropriations execution rate was 84 % (lower than 88 % in 2022); notes in addition, from EDPS replies to the questionnaire submitted by the Committee on Budgetary Control for the 2023 budgetary discharge (the ‘Questionnaire’), that the execution rate of payment appropriations overall was 91,33 % in 2023 (lower than 94,09 % in 2022);

    7. Notes further that the amount of carry-overs (C8) from 2023 to 2024 was EUR 2 517 942,67 or 11,08 % of the total budget for 2023, compared to EUR 1 827 354,23 or 9,01 % of the total budget for 2022; notes that the execution rate of the C8 budget in 2023 was 76,65 % (higher than 73,77 % in 2022);

    8. Welcomes an improvement in the average time to pay from 25 days in 2022 to 19 days in 2023, with 97,50 % of payments processed on time; notes that that improvement is also due to the EDPS having solved an old bug with the electronic payment system for invoices linked to mission costs; notes further a significant increase in the number of payments from 799 in 2022 to 1335 in 2023; observes in that context that the number of transactions is still lower than pre-pandemic levels due to changes in the way of working (such as hybrid meetings or virtual events for experts);

    9. Notes that the effects of illegal Russia’s war of aggression against Ukraine continued to create budgetary pressure on the EDPS in 2023, including through rising inflation and the consequent increase in energy costs, with the most affected budget lines being staff salaries, building security and rental costs, mission costs and services provided by external staff; commends in that context the EDPS for having re-adjusted its priorities and having implemented internal reallocation within budget chapters; understands that budgetary optimisation was necessary in order to successfully manage the indexation of staff salaries and rental costs, as well as an increase in the costs of external lawyer support services due to an increased number of EDPS binding decisions which led to a bigger number of cases to be defended before the Court of Justice of the European Union (CJEU) with the help of external legal assistance; regrets in that context that the EDPS had to postpone some of its activities, such as a feasibility study on artificial intelligence; calls on the EDPS to abide to the competences of its mandate with a collaborative approach with the Union institutions and agencies and to avoid initiating any legal action, especially those which are manifestly inadmissible, in order to avoid negative repercussions on the management of resources, which do not allow the EDPS to carry out its activities as an Institution;

    10. Expresses concern about the significant increase in EDPS staff mission costs, from EUR 28 789 in 2021 and EUR 176 903 in 2022, to EUR 284 580 in 2023; calls on the EDPS to assess whether the resources spent on missions are being used appropriately and effectively; notes that the EDPS ceased making public the number of missions funded by organisers, as well as information on which unit or sector participated in each mission, thus reducing transparency regarding mission expenses; calls on the EDPS to reinstate this practice; encourages the EDPS to promote the use of video-conferencing tools where suitable, as this could contribute to lowering the number of missions and reducing costs; calls on the EDPS to assess whether the resources spent on missions are being used appropriately and effectively.

    Internal management, performance and internal control

    11. Notes that the EPDS used nine key performance indicators (KPIs) to monitor its performance in 2023, in alignment with the main objectives of the EDPS Strategy 2020-2024 which is implemented through the Annual Management Plan; notes from the Annual Report that the EDPS over-delivered in almost all areas, as indicated by the results of KPIs for 2023, except for one KPI (the number of EDPS followers on some social media accounts); notes with concern that the EDPS encountered considerable challenges due to a growing workload and intricate data protection issues arising from the rapidly evolving digital landscape, as well as due to the extension of the EDPS mandate to supervisory activities (such as audits and investigations) and replies to consultations and prior consultations, all in the context of a limited budget; notes from the EDPS’ follow-up report to Parliament’s resolution on the implementation of the EDPS’ budget for 2022 (the ‘Follow-up Report’) that several legislative developments in the last two years have impacted the work and resources of the EDPS, due to the extension of Eurojust’s mandate, new information to be received by Europol under the Digital Services Act, the roll out of the new Union’s large-scale databases and interoperability framework in the justice and home affairs field and the entry into force of the Artificial Intelligence Act (the “AI Act”); calls on the Commission and on the budgetary authority to take those matters into consideration during the annual budgetary procedure;

    12. Welcomes the fact that, in 2023, the EDPS strengthened its ability to assess and prepare for emerging technological trends and their potential impact on privacy and data protection; notes that this was achieved through a foresight-based approach, with a focus on monitoring developments in areas such as large language models, digital identity wallets, the internet of behaviours, extended reality, and deep fake detection; welcomes in that context the publication by the EDPS of its third TechSonar initiative on emerging technologies; congratulates moreover the EDPS for having been awarded the GPA Global Privacy and Data Protection Awards 2023 in the category of innovation;

    13. Notes that 2023 was marked by several organisational changes or updates that were needed in order to respond and adapt to the evolving data protection challenges; welcomes in this context the appointment of a Secretary-General from 1 July 2023; notes in addition the transition of two sectors into units such as ‘Information and Communication’ and ‘Governance and Internal Control’ and the creation of three new specialised sectors under the ‘Technology and Privacy’ (T&P) unit: ‘Systems Oversight and Audit’, ‘Technology Monitoring and Foresight’ and ‘Digital Transformation’;

    14. Emphasises the role of the EDPS in supervising the processing of personal data by Union institutions, bodies, offices and agencies; notes with concern the length of proceedings before the EDPS, as the EDPS did not close a single investigation in 2023, but in comparison to the previous year, in 2023, the number of notifications beyond the 72 hours significantly decreased;

    15. Notes that the EDPS received 420 complaints, i.e. 53 more than in 2022, out of which 73 were admissible and 347 inadmissible in 2023; notes that the EDPS issued a final decision, opinion or reply in 31 out of 73 complaint cases received in 2023 within 44 days on average and responded to all 347 inadmissible complaints received; notes that, out of all admissible complaints (ongoing and received in 2023), 55 cases were finalised in 2023, which represents an increase of 17 % compared to 2022; acknowledges the efforts made by the EDPS to reduce the high number of complaints by developing a dynamic tool on the EPDS’ website, although the volume of complaints remained challenging due to limited resources in 2023; notes with satisfaction that the EDPS developed various procedural tools and policies to enhance its investigatory processes in 2023; commends in that context the EDPS for having amended its Rules of Procedure, whereby the “review procedure” is replaced by a “preliminary assessment” in order to safeguard the right to be heard of all the involved parties, thus contributing to a fair and timely handling of complaints and investigations;

    16. Underlines the important role of consultation and advice of EDPS in the legislative process; notes that, pursuant to Article 42(1) of Regulation (EU) 2018/1725, the EDPS responded to 80 formal legislative consultations and its advice took the form of 54 opinions (27 in 2022), 26 formal comments (49 in 2022) and 34 informal comments (30 in 2022) to the Commission and to the co-legislators in response to legislative consultation requests in 2023; commends the EDPS for its input with regard to the AI Act, in particular EDPS’ own-initiative opinion on the AI Act and advice on the AI liability rules, as well as for EDPS’ input to the GPA resolution on generative AI systems; acknowledges a significant increase (+93 %) of consultation requests over the last five years;

    17. Notes that, in 2023, the EDPS carried out eight investigations and five pre-investigations, marking a significant increase compared to previous years; notes that in 2023 the EDPS was actively involved in a total of 13 investigations and seven pre-investigations, either launched in 2023 or carried over from prior years; notes that the EPDS continued two complex and resource-intensive formal investigations from 2021 into the use by European Union Institutions, Bodies and Agencies (EUIBAs) of cloud services from non-EU/EEA entities, including a focus on the Commission’s use of Microsoft 365; urges the finalisation of those investigations on time because of their significant impact on the working of institutions; notes further that the EDPS also launched five investigations based on complaints about EUIBAs’ websites, focusing in a broad way on privacy and data protection issues, with preliminary assessments expected in 2024;

    18. Urges the EDPS to prioritise and enhance procedures for handling the personal data of minors under 15, particularly in the context of Europol’s systems, where such individuals may be marked as suspects; recognises the heightened vulnerability of that group and the need for robust safeguards;

    19. Notes that the EDPS investigated the Commission’s alleged use of micro-targeting on platform X and continued two pre-investigations: one case concerning EUIBAs’ use of Trello cloud service, which was closed in 2023 and another one on EUIBAs’ use of profiling, which was carried out in 2024; notes that a total of six investigations and four pre-investigations (one pre-investigation in 2022) were launched in the Area of Freedom, Security, and Justice (FSJ), reflecting a significant increase from 2022; notes the EDPS’ concerns with regard to the challenges that may arise in the case of investigations where joint action between national authorities and EUIBA’s is needed; notes in addition that, as part of its audit plan for 2023, the EDPS audited the following bodies: the European Personnel Selection Office, the European Investment Bank, the European Central Bank, the European Centre for Disease Prevention and Control and the European Medicines Agency;

    20. Recalls that in 2022 the EDPS brought an action for annulment of two provisions of the amended Europol Regulation before the General Court, which was later rejected; notes that meanwhile the EDPS decided to appeal the order of the General Court in case T-578/22[8], believing the issues raised should be addressed at the highest level; regrets that the EDPS did not realise the manifest inadmissibility of its appeal, even if the institution did not intend to challenge an act by Europol, but a retroactive change in the legal framework aimed at neutralising the effects of the EDPS’ enforcement actions; calls on the institution to cooperate with Union institutions and agencies, before initiating legal proceedings that prevent the fulfilment of its mandate and the use of its resources for purposes for which they were intended; notes further that the EDPS also followed up on the implementation of its Order of 3 January 2022, including checks on Europol’s reporting; regrets that the final report on that matter was communicated by the EDPS only on 22 July 2024;

    21. Notes that, after the pilot implementation of the new risk management framework at the EDPS in late 2022, an anonymous satisfaction survey was conducted in May 2023 to assess its effectiveness and gather additional suggestions; notes further that the survey results were positive, leading to the formal adoption of the framework on 26 June 2023;

    22. Notes that the internal audit service (IAS) carried out an audit on the methodology for the planning of EDPS audits in the EDPS in 2023; notes that the audit was concluded with two recommendations for which the EDPS submitted an action plan to the IAS; calls on the EDPS to keep the discharge authority informed on a regular basis on the progress made in that matter;

    23. Recalls the Treaty on the European Union that the EU and its institutions shall promote solidarity and equality between women and men;

    HR, equality and staff well-being

    24. Notes that, at the end of 2023, the EDPS had 129 members of staff, compared to 127 in 2022; notes that the EDPS employed 50 contract staff (CA) under Article 3(b) of the Staff Regulations of Officials and the Conditions of Employment of Other Servants (52 CA in 2022), 7 temporary agents (TA) under Article 2(b) and 2(c) (6 TA in 2022) and used the services of 12 external services providers (EXT) working intra-muros in 2023 (8 EXT in 2022); encourages the EDPS to continue its efforts towards a more balanced geographical representation among all Member States specifically at managerial level; welcomes the increased diversity of nationalities represented, but notes with regret the continued underrepresentation of women in senior management positions; calls for the adoption of a gender parity roadmap, including proactive recruitment measures and leadership training programs for female staff members;

    25. Notes that the EDPS had 23 nationalities (from the Member States) represented among its staff in 2023, which is an improvement in comparison with 22 nationalities in 2022; notes with dissatisfaction the over-representation of five nationalities and an underrepresentation of other nationalities; urges the EDPS to continue its efforts to achieve a balanced geographical distribution of nationals from all Member States within its staff, by improving communication, fostering visibility, and enhancing job conditions to attract underrepresented nationalities;

    26. Observes that, in 2023, the EDPS maintained a workforce comprising 65 % women and 35 % men, consistent with trends from previous years; regrets the absence of women in senior management roles, despite achieving gender parity among the six middle management positions; urges the EDPS to intensify its efforts to ensure gender-balanced representation across all staff levels, and invites the EDPS to promote the application of women also with a view to the next election of the Supervisor by Parliament;

    27. Notes a high occupancy rate of the establishment plan of 95,65 % but also a high turnover rate of 13 % in 2023; notes that most of the unfilled positions were a result of candidates being unsuitable, given the EDPS’ need for highly specialised profiles and the small pool of eligible candidates; welcomes the addressing of those challenges through republication with a wider or more targeted dissemination of the vacancy or by redrafting the requirements; welcomes the steps taken by the EDPS regarding the hiring process; calls on the EDPS to continue to address the challenges in finding suitable candidates and to keep the discharge authority informed about improvements on staff recruitment and turnover;

    28. Notes that, in the second half of 2023, the EDPS’ HR team launched a pilot for a new on-boarding process for newcomers, with sessions that cover, inter alia, presentations of core units’ work, ethics, procurement procedures and information security, whereas three on-boarding sessions were offered in 2023; invites the EDPS to continue offering to newcomers “on-boarding” and to all members of staff mandatory sessions that remind the importance of principles such as ethics, conflicts of interest, transparency, internal control and anti-fraud, as they have become the standard in the Union institutions; notes moreover that 12 individual sessions were offered for EDPS and EDPB staff, six sessions of group coaching in which participants (manager level) learned from each other, as well as a one-year team coaching with a designer for leadership development at the European School of Administration in 2023;

    29. Notes, from the Questionnaire, that the EDPS offers flexible and hybrid working arrangements, that are well-received by members of staff who can benefit, inter alia, from parental leave, time credits, part-time work or working from abroad for a limited number of days per year; notes that, in 2023, the majority of staff made use of those working conditions, whereas 86,30 % of staff made use of teleworking arrangements in 2023; considers that the building infrastructure should be optimised to reflect that high rate of teleworking, which could contribute to reducing operational costs and ensuring more efficient use of office space; welcomes the EDPS’ continued efforts to actively improve physical and mental well-being of its staff;

    30. Commends the EDPS for carrying out several awareness-raising actions during the year 2023 with information sharing on elimination of racial discrimination, International Women’s Day, EU diversity month and learning about neurodiversity; notes that currently the EDPS does not employ staff with disabilities but has an equal opportunities clause included in all EDPS vacancy notices and actively encourages applications from candidates with disabilities;

    31. Notes from the Questionnaire that the EDPS considers confidential any information on burnout cases, including the number thereof; disagrees with that opinion and calls the EDPS to provide the discharge authority with the number of burnout cases on a yearly basis; notes with satisfaction that, in 2023, there were no harassment cases reported at the EDPS; welcomes the fact that, in 2023, the EDPS continued to provide an anti-harassment presentation delivered by one of the EDPS’ confidential counsellors, as part of the induction training called the ‘EDPS Welcome Day’; commends the publication of the decision on anti-harassment and the role of the confidential counsellors on the EDPS’ intranet;

    Ethical framework and transparency

    32. Notes that, in 2023, the EDPS focused its efforts on increasing staff awareness of the EDPS/EDPB ethical framework by organising mandatory dedicated training sessions for all staff and induction trainings for EDPS/EDPB newcomers, appointing a new ethics officer and participating in the ‘Comité Paritaire des Questions Statuaries’ working group on ethics; welcomes the establishment of a mailbox by the EPDS, where members of staff can submit their requests regarding any ethics related inquiries, as well as the use of Commission’s Ethics module in Sysper; encourages the EDPS to continue raising awareness and organising surveys to assess the level of staff awareness of the EDPS/EDPB ethical framework;

    33. Welcomes the overall high level of transparency achieved by the EDPS concerning its activities, in particular as regards the publication of the agenda and the declaration of interests of the Supervisor and of the Head of EDPS Administration, in line with the Supervisor’s code of conduct of 2019; notes from the Follow-up Report that the EDPS has adopted two codes of conduct, whereas one of them applies to the Supervisor and the other one applies to the EDPS staff; understands that in cases when the Secretary-General is called to replace the Supervisor, the latter’s code of conduct also applies to the Secretary-General;

    34. Notes with satisfaction that the EDPS has never been involved in any investigations by the European Anti-Fraud Office (OLAF) since its establishment;

    35. Notes that, out of five inquiries opened by the Ombudsman in 2023 concerning the EDPS, four were closed without any further inquiry; notes that, for one enquiry, the decision was still pending and expected for Q4 2024; calls on the EDPS to keep the discharge authority informed as to the outcome of this enquiry;

    36. Regrets that the EDPS has still not formally joined the Union’s Transparency Register (TR); nevertheless notes from the Follow-up Report that, with a view to formally joining the TR, the EDPS has launched an internal assessment on transparency measures, whereas, in 2023, exploratory meetings and exchanges of the EDPS with secretariat of the TR took place; calls on the EDPS to inform the discharge authority of the outcome of that assessment exercise; reiterates its call on the EDPS to join and use the TR, including for the proactive disclosure of meetings with any third parties, to ensure transparency in EDPS’ regulatory and advisory functions;

    37. Notes with satisfaction that, in 2023, the EPDS established internal rules applicable to the hearing of persons that could be affected by an EDPS final decision adopted in own-initiative investigations and inquiries in order to ensure the proper exercise of their fundamental right to be heard in such proceedings; commends the EPDS for publishing a new factsheet on EDPS Investigations and a new EDPS Investigation Policy as well as for ensuring that all financial reports, including annual budgets, accounting and audit reports, are made publicly accessible through a Union institution website and other official channels, as the EPDS takes a leading role in enhancing the cybersecurity preparedness of the Union institutions;

    38. Notes with satisfaction from the Questionnaire that no cases of conflicts of interest, whistleblowing or fraud were reported in the EDPS in 2023; notes that the EDPS has set up a framework to prevent conflicts of interest at the level of senior management and staff through codes of conduct, awareness raising and declarations of absence of conflicts of interest and confidentiality; notes that, in addition to the mandatory introduction to the ethical framework of the EDPS for all new members of staff, new members of staff are also introduced to the EDPS’ anti-fraud strategy;

    39. Notes from the Questionnaire that the EDPS has internal rules on whistleblowing, which define safe routes and channels through which staff may raise concerns about fraud, corruption or any other serious wrongdoing, without prejudice to the confidentiality of the identity of the whistleblower and of the information reported; notes that, so far, there has never been a whistleblowing case reported to the EDPS;

    40. Urges the EDPS to publicly disclose any recusals due to conflicts of interest in its enforcement decisions, ensuring full transparency in regulatory oversight and decision-making;

    Digitalisation, cybersecurity and data protection

    41. Notes from the Questionnaire that the 2023 budget for IT equipment and projects was 9,5 % lower compared to 2022; notes that that decrease was primarily because no new IT feasibility studies were being commissioned in 2023, as opposed to 2022 where such studies represented a substantial portion of the IT budget; notes further that other cost elements remain relatively stable between the two years, including general IT services and maintenance;

    42. Notes from the Follow-up Report and the Questionnaire the conclusions of the IT feasibility study carried out in 2022, whereby there are gaps between what the IT tools and services provided by the Commission and Parliament can offer and the specific needs of the EDPS; notes that those gaps should be addressed by developing in-house capabilities and applications for which a minimum of five IT staff and partial outsourcing EDPS was deemed necessary; regrets that, due to budgetary constraints, implementation of the recommendations of the study remained on hold; calls on the EDPS to consider a step-by-step approach by starting with those recommendations and projects that would require fewer resources;

    43. Commends the progress made in 2023 by the EDPS in digitalising its workflows and processes, with the introduction of ARES, the qualified digital signature (e-IDAS) and a collaborative platform (Nextcloud) for drafting documents and video-conferencing, as well as updates to the tool (Website Evidence Collector) that automates the collection of personal data processing on websites of data controllers and processors, the adoption of the acceptance environment of EU Send Web, a service/channel to exchange sensitive non-classified information with other EUIBAs and further progress made towards implementing services that cannot be outsourced, such as the form and the electronic workflow to manage data breach notifications; notes nevertheless issues with regard to the use and maintenance of the e-procurement system;

    44. Welcomes the EDPS’s focus on ensuring that external contractors meet the necessary moral and ethical standards expected of all Union institutions, bodies, offices and agencies, particularly in light of the previous use of external companies by EDPS that, according to Yale University’s ranking, continue to operate in Russia;

    45. Acknowledges that the EDPS successfully relies on many of the administrative systems used by the Commission, particularly in the field of HR and business administration processes, as well as on some of Parliament’s services, including the provision of laptops, network infrastructure and video-conferencing; commends the fact that the project to improve the quality and performance of the computers provided to EDPS staff, in collaboration with Parliament, with a view to the generalisation of hybrid work, has been completed;

    46. Acknowledges the leading role of EDPS in enhancing the cybersecurity preparedness of the Union institutions, while working closely with bodies such as European Union Agency for Cybersecurity (ENISA) and cybersecurity hubs such as CERT-EU; urges it to develop a structured audit framework for cybersecurity risks within Union bodies; notes that, in 2023, the EDPS continued to improve its readiness to protect personal data and sensitive information against cyber-attacks in view of the rapidly changing cybersecurity threat landscape; commends in that context the EDPS for reviewing its security policies and methodologies in preparation for the impact of the Cybersecurity Regulation (Regulation (EU, Euratom) 2023/2841); notes from the Questionnaire that the EDPS introduced a request for two additional full-time equivalents to cover cybersecurity infrastructure in connection with EDPS’s obligations under that Regulation as well as the EDPS’ role as a member of the Interinstitutional Cybersecurity Board (IICB); notes further with appreciation that the EPDS upgraded its Information Security Policy and the EDPS Acceptable Use Policy to address specific cybersecurity threats in relation to teleworking, use of personal mobile devices and banning of dangerous applications (TikTok); notes that the EDPS did not encounter any cyber-attacks in 2023; calls for annual public reporting on detected threats, response measures, and institutional cyber resilience;

    47. Commends the EDPS for updating cybersecurity training for all staff and revamping the security training model for newcomers; appreciates that the EPDS has been proactive in raising awareness about cyber security risks, for instance by preparing fact sheets, conducting surveys with EUIBAs and running awareness campaigns; encourages the EDPS to ensure that staff receives compulsory training on the safe and ethical use of AI tools to enhance their understanding and mitigate potential risks;

    Buildings

    48. Notes that in 2023, as in 2022, the EDPS and EDPB were the sole tenants of Parliament’s building where they were located, following the move of the Ombudsman at the end of 2021 and that by renting their premises from the Parliament rather than the private market the EDPS intends to keep the rental and maintenance costs at a reasonable level; notes that the EDPS had to request an additional EUR 81 856,84 for paying rental costs to Parliament, given that the indexation rate was 8,82 % and thus higher than the 2 % ceiling for administrative expenditures;

    49. Notes that, in terms of accessibility of its building, the EDPS relies on the decisions taken and implemented by Parliament, as part of their building policy; notes from the Follow-up Report that the EDPS employs staff with physical impairments due to serious illness; welcomes the commitment of the EDPS to explore the possibilities of hiring trainees with reduced mobility or disabilities;

    Environment and sustainability

    50. Notes that the EDPS has not joined the Eco-Management and Audit Scheme (EMAS) but has implemented several measures to reduce its environmental footprint, such as regulating the temperature automatically and centrally, turning lights off automatically when there is no movement in the room, purchasing eco-friendly products and services and automating the workflows with the introduction of ARES; notes from the Follow-up Report that according to the information received by Parliament’s Directorate-General for Infrastructure and Logistics, responsible for the management of the building rented by the EDPS, solar panels are installed on that building; asks the EDPS to inform the discharge authority to report on the share (%) of the solar-panel produced electricity in the EDPS’ total energy consumption needs per year; calls further on the EDPS to inform the discharge authority of any new developments regarding the EMAS certification process;

    51. Notes that the EPDS has not assessed its carbon footprint in 2023; welcomes, however, that the EDPS continues to apply measures that reduce the carbon footprint by reducing the travel of journey to the office through teleworking possibilities, reimbursing 50 % of staff’s monthly/annual subscriptions for the use of public transport, encouraging the staff to favour videoconferencing and train travel for short distances, managing the cycle for invoices electronically and achieving an entirely paperless selection procedure and appraisal exercise as regards HR;

    52. Urges the EDPS to adopt the EMAS to systematically monitor and improve its environmental footprint, particularly in terms of energy consumption, waste reduction, and sustainable office policies;

    53. Notes that the EDPS addresses sustainability-related risks (such as environmental, social and governance risks) in a comprehensive way through an annual risk assessment exercise; welcomes in that context that the EDPS adopted its new risk management process in 2023, which should help the EDPS to target and better analyse those risks and consequently better calibrate mitigating actions;

    Interinstitutional cooperation

    54. Welcomes the budgetary and administrative savings achieved by the EDPS through inter-institutional cooperation, particularly the conclusion of service-level agreements with Parliament for the rental of its premises and the use of IT system applications, hardware supplies and maintenance and with the Commission for HR and business administration processes, as well as through participation in large interinstitutional framework contracts in areas such as IT consultancy, interim services and office supplies; commends in addition the EDPS for maintaining a structured cooperation with the Ombudsman, the Agency for Fundamental Rights and CERT-EU through memorandums of understanding;

    55. Notes that the EDPS participates in meetings of various interinstitutional bodies; welcomes in this context the participation of the EPDS in meetings of the Heads of Administration and the Interinstitutional Online Communication Committee, led by Parliament’s Directorate-General for Communication; acknowledges that interinstitutional cooperation with EDPS, in his supervisory role, is of key importance for the other Union institutions to enhance their level of compliance with the data protection legal framework;

    56. Calls for closer cooperation between the EDPS, the Court of Auditors, OLAF, and the European Public Prosecutor’s Office (EPPO) to develop common protocols for fraud detection in digital data and financial transactions within EU institutions; stresses the need for joint audits on AI-based fraud risks;

    57. Welcomes the pivotal role played by the EDPS in 2023 in the coordination of the Data Protection Authorities of the Member States (DPAs) to promote consistent data protection across the Union; notes that the EDPS joined 26 DPAs in a coordinated enforcement action on the role and tasks of data protection officers (DPOs), assessing their compliance with Regulation (EU) 2018/1725; notes the continued active involvement of the EPDS in the Coordinated Supervision Committee (CSC) within the area of FSJ addressing issues such as handling complaints against Europol and enhancing cooperation processes; appreciates furthermore all the other steps taken to improve cooperation between the EDPS and the DPAs such as the conduction of a joint Europol inspection with national authorities (Poland and Lithuania) and the participation in the coordinated supervisory action on processing minors’ data in Europol systems, the participation in an operational visit to the European Delegated Prosecutor’s office in Lisbon under a Working Arrangement with Portugal’s DPA and the coordination of an onsite inspection in Lesvos with Greece’s DPA to verify data collection practices during Joint Operations by Frontex; acknowledges that those interinstitutional engagements help the EDPS align with best practices of Union institutions and benefit from the exchange of information with peer departments;

    Communication

    58. Notes that the budget for public communication and promotional activities in 2023 amounted to EUR 468 000, which represented an increase of 54 % compared to 2022;

    59. Notes with satisfaction that the EDPS organised several communication events online as well as in person in 2023, aimed at raising awareness of EDPS’ role and mission among a wider public and the importance of respecting Union data protection rules, such as Data Protection Day, the EDPS Trainees’ conference (twice a year), the EDPS Seminar on the essence of the fundamental rights to privacy and data protection, and other international events;

    60. Notes that the EDPS communicates online via its website and its social media accounts on X (ex-twitter) (29 400 followers), LinkedIn (71 000 followers), YouTube (2 900 followers), EU-Voice (5 900 followers) and EU-Video (750 followers);

    61. Notes that the pilot project of the platforms EU Voice and EU Video (free and open-source social media networks, privacy-oriented and based on Mastodon and PeerTube software) continued in 2023; welcomes in that context the EDPS’ contribution to the Union’s strategy on data and digital sovereignty in order to promote the Union’s independence in the digital world and compliance with the data protection legal framework.

    MIL OSI Europe News –

    April 24, 2025
  • MIL-OSI USA: Durbin Announces He Will Not Seek Re-Election in 2026

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    April 23, 2025

    After serving seven House terms and five Senate terms, Durbin says, “I truly love the job of being a United States Senator. But in my heart, I know it’s time to pass the torch.”

    CHICAGO – In a video message shared with Illinois voters today, U.S. Senate Democratic Whip Dick Durbin (D-IL) announced that he will not seek re-election in 2026.

    “The decision of whether to run for re-election has not been easy. I truly love the job of being a United States Senator. But in my heart, I know it’s time to pass the torch. So, I am announcing today that I will not be seeking re-election at the end of my term,” Durbin said in the video.

    “The people of Illinois have honored me with this responsibility longer than anyone elected to the Senate in our state’s history. I am truly grateful,” Durbin said. “Right now, the challenges facing our country are historic and unprecedented. The threats to our democracy and way of life are very real, and I can assure you that I will do everything in my power to fight for Illinois and the future of our country every day of my remaining time in the Senate.”

    Durbin concluded, “To the Illinoisans who gave this kid from East St. Louis a chance to serve: Thank you for supporting me—through words and actions—over the years. Now that I have this announcement behind me, I need to get back to work.”

    Senator Durbin is the 47th U.S. Senator from the State of Illinois, the state’s senior Senator, and the longest serving, popularly elected Senator from Illinois. Durbin also serves as the Senate Democratic Whip, the second highest ranking position among Senate Democrats. Durbin has been elected to this leadership post by his Democratic colleagues every two years since 2005 and is the longest serving Whip for either party.

    Senator Durbin served as Chair of the Senate Judiciary Committee for the 117th and 118th Congresses. During his time as Chair, the committee held 145 full committee hearings, 88 subcommittee hearings, and 86 executive business meetings; advanced 373 executive and judicial nominees out of the committee; and reported 56 bills out of the committee. The Senate also confirmed a record 235 judges, including Associate Justice Ketanji Brown Jackson.

    Senator Durbin has given more than half of his life to House and Senate Congressional service, having first been elected to the U.S. House of Representatives in 1982, representing the Springfield-based 20th congressional district. After serving seven House terms, Durbin was elected to the U.S. Senate on November 5, 1996, and re-elected in 2002, 2008, 2014, and 2020. Durbin fills the seat left vacant by the retirement of his long-time friend and mentor, U.S. Senator Paul Simon.

    A video summary of Durbin’s accomplishments as a member of the House of Representatives and U.S. Senate can be found here. Below is a list of some of Durbin’s top legislative accomplishments throughout his career.

    • Judicial Confirmations. During his time as Chair of the Senate Judiciary Committee, Senate Democrats confirmed 235 judges to lifetime positions. This included the confirmation of Ketanji Brown Jackson, the first Black woman to serve as an Associate Justice on the Supreme Court. Of the confirmations, two-thirds were women, two-thirds were people of color, and two-fifths were women of color.
    • Curbing Tobacco and E-Cigarette Use. As a Congressman, Durbin was the primary author of legislation that ended smoking on airplanes. Since, he has continued to work to reduce tobacco use—especially by young people—by leading the passage of legislation to increase the tobacco purchase age to 21, pressing the Food and Drug Administration (FDA) to ban menthol cigarettes and flavored cigars, and repeatedly calling on the FDA to better enforce laws regulating unauthorized e-cigarettes.
    • Dream Act/DACA. Beginning in 2001, Durbin introduced the Dream Act to give young immigrants the chance to earn U.S. citizenship. He has introduced the legislation every Congress since. Durbin has spoken on the Senate Floor 147 times to tell the stories of these young people. In 2012, Durbin worked with President Obama to establish the Deferred Action for Childhood Arrivals (DACA) program to allow these young people to gain temporary status. As of September 2024, roughly 530,000 people had active DACA status. 
    • Criminal Justice Reform. Durbin’s Fair Sentencing Act, enacted in 2010, reduced the federal sentencing disparity for crack/powder cocaine offenses. In 2019, Durbin led bipartisan efforts to enact the First Step Act, the most significant criminal justice reform legislation in a generation. More than 40,000 people had been released under the First Step Act as of January 2024, with a recidivism rate of only 9.7 percent. Durbin continues to work to further these efforts through his Safer Detention Act, Prohibiting Punishment of Acquitted Conduct Act, and Smarter Sentencing Act.
    • Infrastructure Investments. Durbin has made strengthening Illinois’ role as a transportation hub a top priority. He has led efforts to secure funding to relieve congestion on Illinois’ roads; modernize O’Hare International Airport; expand air service downstate; improve and expand passenger rail service—including Amtrak, CTA, and Metra; modernize locks and dams; and improve pedestrian safety. Since the return of earmarks from Fiscal Year 2022 – Fiscal Year 2024 alone, Durbin secured $548.1 million for Illinois projects. 
    • Health Care Shortages. Durbin has led efforts to expand health care access, especially in rural areas. Durbin’s bipartisan SIREN Act, first enacted in 2018, provides grants to rural fire and EMS agencies. He secured $1 billion for the National Health Service Corps and Nurse Corps in the American Rescue Plan to recruit more doctors, nurses, dentists, and behavioral health providers. Durbin has also worked to expand oral health care access through Medicaid. 
    • Medical & Scientific Research. Through Durbin’s American Cures and American Innovation Acts, and his America Grows Act, he has led efforts to secure increased funding—with the goal of five percent real growth—for federal medical and scientific research funding, including through the National Institutes of Health (NIH), U.S. Department of Agriculture (USDA), U.S. Department of Energy (DOE), Department of Defense (DoD), National Institute of Standards and Technology (NIST), U.S. Department of Veterans Affairs (VA), and other agencies. Durbin’s efforts resulted in a 60 percent funding increase for NIH over the past decade.
    • Support for the Baltics. Durbin was a strong supporter of the accession of Poland and the Baltics into NATO. He has been a steadfast Senate champion of the NATO alliance. And he has worked to provide further security support through his bipartisan Baltic Security Initiative Act and by securing funding for Baltic security through defense appropriations. 
    • College Affordability. In 2013, Durbin helped negotiate the Bipartisan Student Loan Certainty Act to lower interest rates on federal student loans. Durbin’s Open Textbooks Pilot program has resulted in more than $250 million in estimated savings for students.  Durbin also led efforts to hold fraudulent for-profit colleges accountable and has pushed the Education Department to discharge the student loans of borrowers who attended these predatory schools. 
    • Gun Violence Prevention. Durbin has prioritized addressing childhood trauma to break the cycle of violence, including through his Chicago HEAL Initiative and his Trauma Support in Schools grant program with Senator Capito. In 2023, the 10 HEAL hospitals provided 4,403 students with employment/training opportunities and provided 2,614 victims of violence with trauma-informed case management. Durbin is working to further these efforts through his bipartisan RISE from Trauma Act.
    • Consumer Protection. In 2008, Durbin first introduced legislation to create an agency focused on consumer protection, which eventually was added to Dodd-Frank and resulted in the creation of the Consumer Financial Protection Bureau (CFPB). Dodd-Frank also included the Durbin swipe fee amendment to cap debit card swipe fees, estimated to have saved consumers $6 billion in the first year after implementation. Durbin has continued to work to protect consumers through his bipartisan Credit Card Competition Act—and more recently, legislation to protect consumers from crypto ATM fraud and to bring transparency to airline rewards programs.
    • Protecting the Environment. Durbin has led efforts to protect the Great Lakes, including through Army Corps projects like Brandon Road, securing funding for Chicago shoreline restoration, supporting the Great Lakes Restoration Initiative, and introducing legislation to prohibit the discharge of plastic pellets into waterways. Durbin has worked to reduce emissions and chemical discharges, including to reduce ethylene oxide emissions and more recently, legislation to phase out non-essential uses of PFAS. Durbin has also secured significant funding for electric vehicle production and charging infrastructure in Illinois.
    • Veterans Care. Durbin’s Veteran Servicemember Caregiver Support Act led to a new, national program at the VA, enacted in 2010, to provide financial assistance, health care, and counseling to family caregivers of disabled veterans. In 2023, the VA provided services to more than 74,000 caregivers participating in the program. Durbin also led the effort to establish the Lovell Federal Health Care Facility in North Chicago.
    • Defense Funding. Durbin served as Chairman/Vice Chairman of Senate Appropriations Defense Subcommittee from the 113th-116th Congresses. As a leader and member of that subcommittee, Durbin secured funding for a range of small defense contractors in Illinois, strengthened manufacturing at Rock Island Arsenal and capabilities at Scott Air Force Base, and led efforts to increase service member pay. Durbin also led the effort to bring a DoD Digital Manufacturing and Design Innovation Institute to Illinois (MxD) and has worked to address DoD’s PFAS releases to protect service members and their families.

    Durbin was born in East St. Louis, Illinois, to his father, William Durbin, and his Lithuanian-born mother, Ona (Kutkaite) Durbin. He is married to Loretta Schaefer Durbin. Their family consists of three children—Christine, Paul, and Jennifer—as well as six grandchildren.

    -30-

    MIL OSI USA News –

    April 24, 2025
  • MIL-OSI: Coop Pank held an investor webinar to introduce unaudited results of Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    On Wednesday, 23 April 2025 at 9 am (EET), Coop Pank held an investor webinar, where the Chairman of the Board Margus Rink and the Chief Financial Officer Paavo Truu introduced the bank’s unaudited financial results of First Quarter of 2025. Webinar was held in Estonian language. 

    Coop Pank would like to thank all participants. Webinar recording is available here:
    https://youtu.be/pWHBsVjOwUI

    Coop Pank’s report for unaudited results of Q1 2025 and the presentation is available here:
    https://view.news.eu.nasdaq.com/view?id=bbb5642fa5392e27df29e013b9455d65a&lang=en

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking has reached 213,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti comprising 320 stores.

    Additional information:
    Katre Tatrik
    Communication Manager
    Tel: +372 5151 859
    E-mail: katre.tatrik@cooppank.ee

    The MIL Network –

    April 24, 2025
  • MIL-OSI Europe: Written question – Telegram as a tool used by the Russian authorities and the Commission’s slow and inadequate response – E-001504/2025

    Source: European Parliament

    Question for written answer  E-001504/2025
    to the Commission
    Rule 144
    Mariusz Kamiński (ECR)

    The Russian Telegram platform is widely used by the Russian authorities and organised crime groups. The Kremlin treats it as a safe and effective tool not only for spreading propaganda and disinformation, but also for carrying out specific acts of sabotage on EU territory. One example is a group recruited and instructed via Telegram to conduct a campaign against Poland’s Law and Justice Government, President Andrzej Duda, Ukraine and NATO[1].

    Authorities in the Netherlands and Lithuania have warned that Telegram is being used as a ‘notice board’ for drug trafficking, as well as other serious crimes, such as paedophilia and human trafficking.

    During a meeting of the Special Committee on the European Democracy Shield (EUDS) on 27 March 2025, representatives of the Estonian Consumer Protection and Technical Regulatory Authority pointed out that cooperation with Telegram in the prosecution of the perpetrators of these crimes and the removal of illegal content is very limited.

    Despite the seriousness of the threats that it poses, Telegram, after opening an office in Brussels, enjoys full freedom of activity in the territory of the EU. At the same time, by understating the number of users, it is able to evade obligations regarding the transparency of algorithms imposed on VLOPs. Experts and regulators indicate that the actual number of users exceeds the threshold of 45 million.

    • 1.Given the examples presented of the use of Telegram by the Russian authorities and criminal groups, is the Commission cooperating with Member States, Europol and Eurojust to thoroughly assess and counter this threat?
    • 2.Is the Commission working with the Belgian regulatory authority and other national authorities to urgently conduct a thorough assessment to determine whether Telegram should be classified as a VLOP?

    Submitted: 11.4.2025

    • [1] https://www.euractiv.com/section/global-europe/news/poland-investigating-russian-espionage-security-agency-says/
    Last updated: 23 April 2025

    MIL OSI Europe News –

    April 23, 2025
  • MIL-OSI: Coop Pank unaudited financial results for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    By the end of the Q1 2025, Coop Pank had 213,000 customers, increased by 5,000 customers in the quarter (+2%) and by 23,000 in the year (+12%). The bank had 101,800 active customers, increased by 2,400 (+3%) in the quarter and by 17,400 (+21%) in the year.

    In Q1 2025, volume of deposits in Coop Pank decreased by 29 million euros (+2%), reaching total of 1.91 billion euros. Deposits from private clients increasing by 15 million euros: demand deposits increased by 9 million euros and term deposits increased by 6 million euros. Deposits from domestic business customers increased by 39 million euros: demand deposits increased by 36 million euro and term deposits increased by 3 million euros. Deposits from international deposit platform Raisin and other financing decreased by 24 million euros. Compared to Q1 2024, volume of Coop Pank’s deposits has increased by 221 million euros (+13%). In an annual comparison, share of demand deposits of total deposits has increased from 30% to 32%. In Q1 2025, the bank’s financing cost was 2.8%, at the same time last year the financing cost was 3.5%.

    In Q1 2025, net loan portfolio of Coop Pank increased by 44 million euros (+3%), reaching 1.81 billion euros. Business loans and home loans portfolio showed the biggest growth, both increased by 22 million euros (+3%). The volumes of leasing portfolio and consumer finance portfolio remained at the same level compared to the previous quarter. Compared to Q1 2024, total loan portfolio of Coop Pank has grown by 287 million euros (+19%).

    In Q1 2025, overdue loan portfolio of Coop Pank remained steady at the level 2.1%. A year ago, overdue loan portfolio was at the level of 2.4%.

    Impairment costs of financial assets in Q1 2025 were 0.2 million euros, which is 1.6 million euros (-88%) less than in previous quarter and 0.4 million euros (-61%) less than in Q1 2024.

    Net income of Coop Pank in Q1 2025 was 19.3 million euros, decreasing by 3% in a quarterly comparison and by 5% in an annual comparison. Operating expenses reached 9.5 million euros in Q1 – operating expenses decreased by 12% in the quarterly comparison and increased by 1% in the annual comparison.

    In Q1 2025, net profit of Coop Pank was 7.9 million euros, which is 24% more than in the previous quarter and 13% less than a year ago. In Q1 2025, cost to income ratio of the bank was 49% and return on equity was 14.7%.

    As of 31 March 2025, Coop Pank has 35,200 shareholders.

    Margus Rink, Chairman of the Management Board of Coop Pank, comments the results:

    “In recent quarters, we have seen positive signs in the economic environment – a slowdown in inflation, declining interest rates, and stable energy prices. Unfortunately, the past few months have also brought news of trade wars, which mainly affect the global economy, but they have also caused concern among local businesses. At the end of last year, we saw that, after a long wait, entrepreneurs had dusted off their investment plans and started to take action again, now, however, we can once again sense a decline in their confidence.

    Despite this, the declining interest rate environment offers good opportunities for investment and reduces financing costs for both legal entities and private individuals. For the bank, it means a drop in interest income, which can only be compensated by growing business volumes.

    In the first quarter, Coop Pank grew its business volumes at twice the rate of market growth – with solid increases in the number of clients, as well as in deposits and the loan portfolio. By the end of the quarter, Coop Pank held a 6.3% market share in deposits and a 6.6% share in loans.

    Growth in business volumes, the high quality of the loan portfolio, and effective cost control resulted in a strong net profit for Coop Pank in the first quarter: 7.9 million euros. The bank’s cost-to-income ratio for Q1 was 49% and return on equity was 14.7%.

    According to recent research by Kantar Emor on the Net Promoter Score (NPS) of Estonia’s largest service companies, Coop Pank is the most recommended bank in Estonia.

    In March, Coop Pank issued covered bonds for the first time on the Irish Stock Exchange, in the amount of 250 million euros with a maturity of four years. This was the initial tranche of a 750 million euros covered bond program. The bank’s first international covered bond issuance provides Coop Pank with an additional long-term and stable funding source, which will be used to support the growth of businesses operating in Estonia.”

    Income statement, in th. of euros Q1 2025 Q4 2024 Q1 2024
    Net interest income 17 930 19 149 19 082
    Net fee and commission income 1 155 1 303 1 014
    Net other income 225 -483 125
    Total net income 19 310 19 969 20 221
    Payroll expenses -5 578 -6 007 -5 409
    Marketing expenses -358 -788 -533
    Rental and office expenses, depr. of tangible assets -807 -798 -795
    IT expenses and depr. of intangible assets -1 613 -1 731 -1 405
    Other operating expenses -1 162 -1 473 -1 286
    Total operating expenses -9 519 -10 798 -9 427
    Net profit before impairment losses 9 791 9 171 10 794
    Impairment costs on financial assets -226 -1 821 -576
    Net profit before income tax 9 565 7 351 10 218
    Income tax expenses -1 652 -957 -1 080
    Net profit for the period 7 913 6 393 9 138
           
    Earnings per share, eur 0,08 0,06 0,09
    Diluted earnings per share, eur 0,08 0,06 0,09
    Statement of financial position, in th. of euros 31.03.2025 31.12.2024 31.03.2024
    Cash and cash equivalents 564 441 343 678 380 644
    Debt securities 49 536 37 751 36 460
    Loans to customers 1 818 109 1 774 118 1 531 038
    Other assets 34 711 33 066 31 320
    Total assets 2 466 796 2 188 614 1 979 461
    Customer deposits and loans received 1 914 526 1 886 145 1 693 254
    Debt securities issued 250 250 0 0
    Other liabilities 19 096 27 683 27 698
    Subordinated debt 63 363 63 148 63 239
    Total liabilities 2 247 235 1 976 977 1 784 191
    Equity 219 561 211 637 195 270
    Total liabilities and equity 2 466 796 2 188 614 1 979 461

    The reports of Coop Pank are available at: https://www.cooppank.ee/en/reporting

    Coop Pank will organise a webinar on 23 April 2025 at 9:00 AM, to present the financial results of Q1 2025. For participation, please register in advance at: https://bit.ly/CP-veebiseminar-osalemine-23042025

    The webinar will be recorded and published on the company’s website www.cooppank.ee and on the YouTube channel.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 213,000 daily banking clients. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.

    Additional information:
    Paavo Truu
    CFO
    Phone: +372 516 0231
    E-mail: paavo.truu@cooppank.ee

    Attachments

    The MIL Network –

    April 23, 2025
  • MIL-OSI: Correction: Dividend Payment Procedure

    Source: GlobeNewswire (MIL-OSI)

    Corrected:  Dividends of legal entities residents of the Republic of Lithuania and foreign countries shall be subject to the Corporate Profit Tax rate.

     

    The Ordinary general meeting of shareholders held on 31 March 2025 approved allocation of the profit of Šiaulių Bankas AB which included a pay-out of dividends – 0.061 euro shall be paid for each ordinary registered share with a nominal value of 0.29 euro. Dividends shall be paid out to persons who were the shareholders of Šiaulių Bankas AB at the end of the record day – 14 April 2025.

     

    The Bank shall pay out dividends on 25 April 2025 in compliance with the following procedure:

    – those shareholders whose shares are being accounted in the securities accounts with banks and financial brokerage companies rendering investment services will receive an amount of dividends after deduction of Personal Income Tax or Corporate Profit Tax in compliance with the laws of the Republic of Lithuania which shall be transferred to the accounts with the respective banks or financial brokerage companies;

     

    – for shareholders whose shares are accounted for in Šiaulių Bankas AB in the issuer’s accounting, the amount of dividends, after deducting personal income tax or income tax in accordance with the laws of the Republic of Lithuania, will be transferred to the account specified by the shareholder. If the shareholder has not specified an account for the transfer of dividends, he/she must submit an application for the transfer of dividends. Applications are accepted from     18 April 2025 in all customer service points of Šiaulių Bankas AB. Before going to the customer service department, it is necessary to register for a visit on-line at https://sb.lt/en or by phone +370 610 44447. Applications for dividend transfer can also be submitted via the Internet Bank.

     

    Taxation of dividends:

    – Dividends of natural persons residents of the Republic of Lithuania and foreign countries shall be subject to 15 per cent of the Personal Income Tax rate;

     

    – Dividends of legal entities residents of the Republic of Lithuania and foreign countries shall be subject to 16 per cent of the Corporate Profit Tax rate, unless otherwise provided for in the laws.

     

    Additional information:

    Director of Securities Operations Department Jolanta Dobiliauskienė

    jolanta.dobiliauskiene@sb.lt , +370 610 28767

    The MIL Network –

    April 23, 2025
  • MIL-OSI Economics: Secretary-General of ASEAN receives the Minister of Foreign Affairs of the Republic of Estonia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this afternoon received H.E. Margus Tsahkna, Minister of Foreign Affairs of the Republic of Estonia, at the ASEAN Headquarters/ASEAN Secretariat. During the meeting, both sides shared insights on advancing ASEAN-Estonia relations in mutually beneficial areas, both bilaterally and within the ASEAN-EU framework.

    The post Secretary-General of ASEAN receives the Minister of Foreign Affairs of the Republic of Estonia appeared first on ASEAN Main Portal.

    MIL OSI Economics –

    April 23, 2025
  • MIL-OSI: Recording of LHV Group’s 22 April investor webinar

    Source: GlobeNewswire (MIL-OSI)

    To give an overview of the 2025 Q1 financial results, LHV Group organised an investor meeting webinar on 22 April. An overview of the company’s progress was given by Madis Toomsalu, Chairman of the Management Board of LHV Group and Meelis Paakspuu, CFO of LHV Group.

    The live coverage was followed by 33 participants, the live feed of the presentation was broadcast over Zoom.

    Recording of the investor meeting (in Estonian) is available at: https://youtu.be/hwWkBQPaXHk

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,160 people. As at the end of March, LHV’s banking services are being used by 465,000 clients, the pension funds managed by LHV have 113,000 active customers, and LHV Kindlustus is protecting a total of 174,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

    The MIL Network –

    April 22, 2025
  • MIL-OSI: LHV Group unaudited financial results for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    The first quarter of the year was characterised by rapid growth in business volumes for LHV, but also by a decrease in profit due to lower interest rates and increased impairments.

    In Q1 2025, AS LHV Group earned EUR 29.2 million in net profit. AS LHV Pank earned EUR 25.2 million and LHV Bank Ltd EUR 2.1 million in net profit. At the same time, the net profit of AS LHV Varahaldus was EUR 103 thousand and of AS LHV Kindlustus EUR 665 thousand in Q1. The return on equity attributable to the shareholders of the Group was 16.7% in Q1.

    On a consolidated basis, LHV earned EUR 79.4 million in revenue in Q1 2025, i.e. 6% less than in the previous quarter and 5% less than a year ago. Of the revenue, net interest income accounted for EUR 62.0 million, and net fee and commission income for EUR 14.1 million. The expenses of the consolidation group totalled EUR 37.5 million in Q1, which is 8% less than in the previous quarter, but 10% more than in Q1 of 2024. Impairments totalled EUR 5.7 million in Q1, which is twice as much as a year earlier. The net profit of the Group in Q1 was 20% lower than in the previous quarter and 28% lower than in the same period a year earlier.

    As at the end of March, the consolidated assets of the LHV Group stood at EUR 8.51 billion (annual growth of 15%). Over the quarter, the asset volume dropped by 3%, i.e. EUR 228 million. The consolidated loan portfolio grew by EUR 177 million, i.e. 4%, to EUR 4.73 billion over the quarter (+30% year-on-year). The consolidated deposits of the LHV Group decreased by EUR 306 million (-4%) to EUR 6.60 billion (+11% year-on-year). The total volume of funds managed by LHV increased by EUR 1 million (+0%) to EUR 1.56 billion (annual growth of +1%) over the quarter. The number of payments made by customers who are financial intermediaries reached a record 20.1 million payments in Q1, which is 1% more than in Q4 of the previous year.

    Income statement, EUR thousand Q1-2025 Q4-2024 Q1-2024
       Net interest income 62 010 66 556 68 918
       Net fee and commission income 14 071 17 323 15 543
       Net gains from financial assets 2 748 -198 536
       Other income 594 49 418
    Total revenue 79 422 83 730 85 415
       Staff costs -22 656 -22 831 -20 275
       Office rent and expenses -659 -715 -572
       IT expenses -3 576 -4 270 -3 100
       Marketing expenses -1 258 -2 086 -658
       Other operating expenses -9 394 -10 882 -10 924
    Total operating expenses -37 543 -40 783 -35 528
    EBIT 41 879 42 946 49 888
    Earnings before impairment losses 41 879 42 946 49 888
       Impairment losses on loans and advances -5 667 -1 085 -2 851
       Income tax -7 052 -6 733 -6 335
    Net profit 29 160 35 128 40 702
       Profit attributable to non-controlling interest 592 565 158
       Profit attributable to share holders of the parent 28 568 35 754 40 544
           
       Profit attributable to non-controlling interest 0.09 0.11 0.13
       Profit attributable to share holders of the parent 0.09 0.11 0.12
    Balance sheet, EUR thousand Mar 2025 Dec 2024 Mar 2024
       Cash and cash equivalents 3 279 271 3 818 305 3 402 338
       Financial assets 442 463 309 804 249 968
       Loans granted 4 774 970 4 591 906 3 676 442
       Loan impairments -45 628 -39 813 -31 843
       Receivables from customers 10 511 5 367 22 934
       Other assets 46 698 50 742 50 733
    Total assets 8 508 285 8 736 311 7 370 572
          Demand deposits 4 834 265 4 855 101 3 926 714
          Term deposits 1 770 227 2 055 009 2 007 628
          Loans received 936 215 927 686 568 355
       Loans received and deposits from customers 7 540 707 7 837 795 6 502 697
       Other liabilities 134 514 93 601 141 573
       Subordinated loans 126 247 126 257 127 568
    Total liabilities 7 801 467 8 057 653 6 771 838
    Equity 706 817 678 657 598 734
       Minority interest 7 133 8 571 7 394
    Total liabilities and equity 8 508 285 8 736 311 7 370 572

    The profitability of LHV was affected at the beginning of 2025 by a decrease in interest rates and temporarily higher provisions made to individual customers. At the same time, revenue was slightly better than planned, supported by an increase in business volumes and a good level of customer activity. LHV Pank’s more modest than planned profit was compensated by LHV Bank’s higher-than-planned profitability.

    The number of LHV Pank clients increased by 9,700 over the quarter. Customers actively used payment services and bank cards. The number of Entrepreneur Account users exceeded 30,000 over the quarter. Bank deposits decreased by EUR 309 million over the quarter, but this was due to a decrease of EUR 232 million in deposits from financial intermediaries and EUR 80 million from platform deposits. Involving deposits is still in focus for the bank. LHV Pank was recognised as the bank with the best service in Estonia by the research company Dive.

    The loan portfolio volume of LHV Pank increased by a total of EUR 35 million over the quarter. At the same time, the offering of home loans was active: the portfolio volume grew by EUR 81 million and exceeded the of EUR 1.5 billion over the quarter. The quality of the bank’s loan portfolio as a whole remained stronger than planned, with model-based impairments improving. At the same time, the classification of two customers as non-working resulted in significantly higher impairments: the goal is to partially reverse these within a couple of quarters. This also affected the profit gap from the financial plan.

    The loan portfolio of LHV Bank, operating in the United Kingdom, grew at a record pace by EUR 142 million to EUR 490 million. At the same time, there are loans approved by the credit committee but not yet issued in the value of EUR 167 million, which allows us to assume that the rapid growth will continue. To support the rapid growth of the loan portfolio, the bank’s share capital was increased by EUR 12 million in March.

    Deposits taken by LHV Bank increased by EUR 115 million. The first few hundred customers have joined the retail banking mobile app. During the quarter, the account opening process was significantly improved and fixed-term deposits and card payments for the first customers were opened. In the area of financial intermediaries, the focus was primarily on the integration and activation of larger new customers in order to create pre-conditions for an increase in the volume of pound payments in the second half of the year.

    Compared to recent years, significantly greater uncertainty on the stock markets also affected the pension funds managed by LHV Varahaldus. At the same time, actively managed funds succeeded in preserving the assets of pension savers better than their competitors, as the quarterly rate of return of LHV’s pension funds M, L , and XL was 3.0%, 3.8%, and 4.5%, respectively. The rate of return of the more conservative funds XS and S was 1.5% and 2.1%, respectively. Pension fund Indeks decreased by 4.1% and Roheline lost 5.2% in value over the quarter.

    Both the operating income and net profit of LHV Varahaldus exceeded the financial plan. The profit was positively affected by the financial income from equity units that accompanied the rate of return of the funds. However, the profit was reduced by the income tax accompanying the dividend payment made in March. In January, the company launched a new LHV Euro Bond Fund. In March, the nearly 17-year-long outdoor sale of LHV pension funds in shopping centres ended, and in the future, other opportunities will be sought to promote the sale.

    The growth trend of LHV Kindlustus continued in Q1. Sales were affected by a market-wide decline in insurance premiums, but sales increased by EUR 2.1 million year-on-year. Net earned premiums continued to grow. There were no major loss events in the first three months of the year, but medium-sized losses were registered more often and the number of travel insurance claims increased. The increase in losses over the past year has been proportional to the growth of the portfolio. The number of effective insurance contracts has increased to 266,000 and the number of customers to 174,000.

    LHV Group is well capitalised and all capital objectives have been met with a sufficient margin. At the annual general meeting of shareholders held in March, it was decided to pay a dividend of 9 cents per share to the shareholders for the previous year. The dividends were paid on 10 April. LHV Group fell short of the financial plan published in February by EUR 1.2 million in terms of net profit for the first three months. The financial plan stands.

    Comment by Madis Toomsalu, the Chairman of the Management Board at LHV Group:
    “Decisions are currently being made in global trade policy, the outcome of which is not known in advance. Against this background, the positive growth in Estonia and in the United Kingdom is rather within the margin of error, depending primarily on the investment courage of entrepreneurs. LHV wants to stay open and support good ideas.

    In the competitive Estonian home loan market, we have managed to grow the portfolio of LHV. We are working to further increase the share of active customers. In terms of the business environment, we look favourably at initiatives that could support the entrepreneurial landscape, for example, through regulations and reducing bureaucracy.

    In the United Kingdom, LHV’s loan business is gaining momentum. We soon hope to more widely introduce an offer aimed at retail customers.”

    The reports of AS LHV Group are available on the website at: https://investor.lhv.ee/en/reports/.

    In order to present the financial results of LHV, the company will organise an investor meeting via the Zoom webinar platform. The virtual investor meeting will take place on 22 April at 9:00, before the market opens. The presentation will be in Estonian. We kindly ask you to register at the following address: https://lhvbank.zoom.us/webinar/register/WN__57Iel-DQeeINK3BSksMdQ.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,160 people. As at the end of March, LHV’s banking services are being used by 465,000 clients, the pension funds managed by LHV have 113,000 active customers, and LHV Kindlustus is protecting a total of 174,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

    Attachments

    The MIL Network –

    April 22, 2025
  • MIL-OSI: CEO of Coop Pank, Margus Rink, to step down at the end of May

    Source: GlobeNewswire (MIL-OSI)

    After leading Coop Pank for eight years, CEO Margus Rink will step down at the end of May. Rink has served as Chairman of the Management Board since 2017.

    The Supervisory Board of Coop Pank will initiate the search for a new CEO, who will then be responsible for defining the bank’s strategic direction for the next period. Until the new CEO is appointed, the current Management Board member and Chief Risk Officer, Heikko Mäe, will assume the responsibilities of the Chairman of the Management Board. Other members of the board—CFO Paavo Truu, Head of Corporate Banking Arko Kurtmann, and Head of Retail Banking Karel Parve—will continue in their current roles.

    Chairman of the Supervisory Board, Rainer Rohtla, expressed gratitude to Margus Rink for his significant role in building Coop Pank and leading its rapid growth. “Margus has contributed to Coop Pank with great intensity and dedication since its founding in 2017. Under his leadership, the bank has become a key player in the Estonian banking market, increasing its market share from 1% to 6%, getting listed on the Tallinn Stock Exchange, and becoming the most recommended bank among customers in Estonia. As we approach the end of our first strategic period in 2026, it is the right time for a new leader to define and implement the next phase of the bank’s strategy,” Rohtla noted.

    Margus Rink commented that building Coop Pank has been both a demanding and rewarding journey: “I am grateful to Coop Pank for the opportunity. These eight years have undoubtedly been the most intense and fulfilling period of my professional life. I have always been aware that my tenure as CEO was aligned with the bank’s first strategic phase, which we defined as a ten-year horizon. I fully support the Supervisory Board’s decision to begin the search for a new CEO, who will shape and execute the strategy for the next chapter.”

    Margus Rink’s term as Chairman of the Management Board will officially end on May 30, 2025. His roles as a Supervisory Board member of Coop Pank’s subsidiaries Coop Liising AS and Coop Kindlustusmaakler AS will also conclude at the same time. Until the appointment of a new CEO, the role will be temporarily assumed by Heikko Mäe.

    Coop Pank, a bank with Estonian capital, is one of the five universal banks operating in Estonia. The bank serves 211,000 everyday banking clients. Coop Pank leverages the synergy between retail and banking to bring financial services closer to where people live. The bank’s strategic owner is Coop Eesti, a domestic retail chain with a network of 320 stores across the country.

    Additional information:
    Katre Tatrik
    Head of Communications
    Tel: +372 5151 859
    Email: katre.tatrik@cooppank.ee

    The MIL Network –

    April 21, 2025
  • MIL-OSI: $SRC Ecosystem Joins Trade Finance Distribution Initiative as Non-Bank Originator to Revolutionize Trade Finance

    Source: GlobeNewswire (MIL-OSI)

    TALLINN, Estonia, April 19, 2025 (GLOBE NEWSWIRE) — $SRC Ecosystem, a product of LGR Global and a pioneering AI and blockchain-powered trade finance solution, is thrilled to announce its membership in the Trade Finance Distribution Initiative (TFDi) as a non-bank originator.

    TFDi, a global consortium of leading banks, non-bank financial institutions, and technology providers, is dedicated to transforming trade finance into a liquid, investable asset class through standardized, technology-driven practices. By joining TFDi, $SRC strengthens its mission to unlock liquidity for SMEs, representing 90% of global businesses, by leveraging its innovative technology to address inefficiencies, liquidity inaccessibility, credit barriers, and geographic limitations in traditional trade finance.

    “Joining TFDi is a landmark achievement for $SRC Ecosystem,” said H.H. Ali Amirliravi, Founder and CEO of $SRC. “Our AI-driven onboarding, blockchain-based real-world asset (RWA) tokenization, and smart contract solutions align perfectly with TFDi’s vision of a transparent, scalable trade finance ecosystem. Together, we can bridge the $2.5 trillion gap and empower SMEs to thrive in global markets.”

    $SRC’s platform revolutionizes trade finance by converting trade assets into liquid, tradable tokens, automating credit scoring and risk assessment with AI, and enabling seamless cross-border settlements. Its digital twin technology provides real-time supply chain monitoring, enhancing transparency and trust. As a TFDi member, $SRC will collaborate with industry leaders to develop standardized practices, connect with institutional investors, and drive innovation in trade asset distribution.

    $SRC Ecosystem brings cutting-edge technology and a bold vision to TFDi, With $SRC’s focus on SME financing through AI and blockchain complements TFDi’s mission to close the trade finance gap and create new opportunities for originators and investors alike.

    With SMEs accounting for 70% of the global workforce yet struggling to access capital, $SRC’s membership in TFDi amplifies its ability to deliver scalable, technology-driven solutions. This partnership positions $SRC at the forefront of the trade finance revolution, fostering collaboration with global stakeholders to make trade finance more accessible and efficient.

    For more information about $SRC Ecosystem and its mission, visit https://linktr.ee/SRCEcosystem. To learn about TFDi, visit www.tradefinancedistribution.com.

    Contact:

    Website: https://lgrglobal.com
    Name: Ali Amirliravi
    Email: ali.amirliravi@lgrglobal.com

    The MIL Network –

    April 19, 2025
  • MIL-OSI: Surfshark turns 7 and offers users a special birthday deal

    Source: GlobeNewswire (MIL-OSI)

    Leading cybersecurity company Surfshark is celebrating its 7th anniversary. For that occasion, it offers users a limited-time birthday deal.

    As part of its birthday celebration, Surfshark is offering special pricing across its suite of privacy plans (until April 30th, 2025, at 08:59 AM EDT):

    • Surfshark Starter: $1.99/month
    • Surfshark One: $2.49/month
    • Surfshark One+: $3.99/month

    Each plan includes a range of privacy and security tools:

    • Surfshark Starter includes the company’s award-winning VPN, the ad-blocking feature CleanWeb, and Alternative ID, a tool for masking personal email and information.
    • Surfshark One builds on that by adding Antivirus, Alert (a data breach detection service), and Search, a private search engine.
    • Surfshark One+ includes all of the above, plus Incogni — Surfshark’s data removal service that helps users erase personal data from data broker databases.

    Surfshark milestones: 7 years of enhancing online security

    Since its founding in 2018, Surfshark has grown rapidly and earned international recognition for its innovative privacy tools. Some key highlights from the past seven years include:

    •  2018: Surfshark is founded, offering its first product, a virtual private network (VPN).
    •  2020: Within two years, Surfshark becomes one of the top 3 most popular VPN services globally.
    •  2021: Surfshark created Incogni, a data removal service that helps individuals automatically request the removal of their personal information from data broker websites. In the same year, Surfshark merged with Nord Security.
    •  2022: After raising the number of servers over the years, Surfshark reached the milestone of 3,200+ servers in 100 countries.
    •  2023: Surfshark and Nord Security secure a $100M investment from global investor Warburg Pincus, doubling their combined valuation from $1.6B to $3B.
    • 2024: Surfshark is recognized by the Financial Times as one of Europe’s 50 fastest-growing companies, ranking 47th overall and 8th in the IT & Software category in the FT1000 list.

    ABOUT SURFSHARK

    Surfshark is a cybersecurity company offering products including an audited VPN, certified antivirus, data leak warning system, private search engine, and a tool for generating an online identity. Recognized as a leading VPN by CNET and TechRadar, Surfshark has also been featured on the FT1000: Europe’s Fastest Growing Companies ranking. Headquartered in the Netherlands, Surfshark has offices in Lithuania and Poland. For information on Surfshark’s operations and highlights, read our Annual Wrap-up. For more research projects, visit our Research Hub. 

    Attachment

    • surfshark_birthday

    The MIL Network –

    April 19, 2025
  • MIL-OSI Security: Iranian National Indicted for Operating Online Marketplace Offering Fentanyl, Other Drugs, and Money Laundering Services

    Source: Office of United States Attorneys

    CLEVELAND – A federal grand jury has charged Behrouz Parsarad, an Iranian national, for his role as the creator and operator of Nemesis Market, a dark web marketplace designed to enable users to buy and sell illegal drugs and other illicit goods and criminal cyber-services, such as obtaining stolen financial information, fraudulent identification documents, counterfeit currencies, and computer malware.

    According to the indictment, Parsarad, 36, of Tehran, Iran, launched Nemesis Market in or around March 2021. Nemesis Market operated on the dark web, a network that uses The Onion Router (TOR) to encrypt traffic and hide users’ Internet Protocol (IP) address. At its peak, Nemesis Market had over 150,000 users and more than 1,100 vendor accounts registered worldwide. Between 2021 and 2024, Nemesis Market processed more than 400,000 orders, including more than 60,000 orders in 2022 and more than 250,000 orders in 2023. Of these, more than 55,000 orders were categorized as stimulants, which included sub-categories for methamphetamine, cocaine, cocaine base (crack), and other controlled substances. More than 17,000 orders were categorized as opioids, which included sub-categories for fentanyl, heroin, and oxycodone. All of the substances covertly purchased by the government and marketed on Nemesis as “isotonitazene,” “M30s” (purporting to be oxycodone), and “Percs” (purporting to be Percocet) were confirmed by laboratory reports to be mixtures and substances containing fentanyl, a Schedule II controlled substance and/or acetylfentanyl, heroin, and/or protonitazene, each a Schedule I controlled substance.

    “The allegations in this indictment span over four hundred thousand transactions involving fentanyl, other dangerous drugs, and a wide range of contraband made accessible on the darknet for more than three years,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “Through cooperation with German and Lithuanian partners, the alleged administrator of this marketplace has been charged, servers and other infrastructure have been seized, and dangerous drugs and other contraband have been stopped from entering the United States. This case demonstrates the Department’s tireless commitment to protecting U.S. communities from the harms caused by fentanyl and darknet marketplaces and pursuing accountability for those who would endanger our communities no matter where they are located.”

    “Anyone who tries to profit from the sale of illegal drugs – whether it’s on the streets or online – will face consequences. Whether you sell or help others sell these dangerous drugs, you will be held accountable,” said Acting U.S. Attorney Carol M. Skutnik for the Northern District of Ohio. “I want to acknowledge the excellent investigative work of our federal agency partners here in Ohio who helped us to bring the charges in this case. Together, we remain committed to keeping our neighborhoods safe and our streets free from illegal narcotics.”

    “This indictment, made possible by the assistance of our German and Lithuanian allies, underscores the importance of global partnerships and international collaboration,” said FBI Cleveland Acting Special Agent in Charge Charles Johnston. “Nemesis Market, through the darknet, was a borderless powerhouse of criminal activity that not only fueled the drug epidemic, but also a multitude of illegal acts with the capacity to harm our citizens and destroy our communities. The FBI stands firm in its commitment to identify and investigate unlawful individuals and dismantle their networks operating with criminal intent.”

    Parsarad is charged with conspiracy to distribute controlled substances and distribution of controlled substances in the Northern District of Ohio and elsewhere. In addition, Parsarad is also charged with money laundering conspiracy for both using proceeds to promote illegal drug dealing and for offering money laundering services through Nemesis Market by mixing cryptocurrencies used to pay for goods and services to obscure their origins. Nemesis users were not allowed to conduct transactions in official, government-backed currencies.

    On March 20, 2024, U.S. law enforcement, in cooperation with German and Lithuanian authorities, seized Nemesis Market and stemmed the flow of these drugs into the United States and elsewhere. In March 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against Parsarad for his role as the administrator of Nemesis Market. According to OFAC, Nemesis Market facilitated the sale of nearly $30 million worth of drugs between 2021 and 2024.

    If convicted, Parsarad faces a mandatory minimum of 10 years in federal prison and a maximum penalty of life.

    The FBI Cleveland Division is investigating the case with assistance from the DEA and IRS-CI. The Justice Department’s Office of International Affairs and Cybercrime Liaison Prosecutor to Eurojust provided significant assistance.

    Assistant U.S. Attorney Segev Phillips for the Northern District of Ohio and Trial Attorney Gaelin Bernstein of the Criminal Division’s Computer Crime and Intellectual Property Section are prosecuting the case, with substantial assistance from the U.S. Attorneys Offices for the Northern District of Illinois and District of Massachusetts.

    This case was investigated as part of an FBI-led interagency Joint Criminal Opioid and Darknet Enforcement (J-CODE) operation. J-CODE brings together experts from the DEA, the Postal Inspection Service, Homeland Security Investigations, as well as the Department of Defense and the Customs and Border Protection, along with the FBI. The Justice Department appreciates the cooperation and significant assistance provided by law enforcement partners in the British Virgin Islands, Germany, Lithuania, and Türkiye.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

    April 18, 2025
  • MIL-OSI USA: Iranian National Indicted for Operating Online Marketplace Offering Fentanyl and Money Laundering Services

    Source: US State of California

    A federal grand jury has charged Behrouz Parsarad, an Iranian national, for his role as the founder and operator of Nemesis Market, a dark web marketplace for illegal drugs and criminal cyber-services, such as stolen financial information, fraudulent identification documents, counterfeit currencies, and computer malware.

    According to the indictment, Parsarad, 36, of Tehran, launched Nemesis Market on the dark web in March 2021. At its peak, Nemesis Market had over 150,000 users and more than 1,100 vendor accounts registered worldwide. Between 2021 and 2024, Nemesis Market processed more than 400,000 orders. Of these, more than 55,000 orders were categorized as orders for stimulants, including methamphetamine, cocaine, cocaine base (crack cocaine), and other controlled substances. An additional 17,000 orders were categorized as orders for opioids, including fentanyl, heroin, and oxycodone. Certain substances covertly purchased by the government from Nemesis were confirmed by laboratory reports to be mixtures and substances containing fentanyl, a Schedule II controlled substance, and/or acetylfentanyl, heroin, and/or protonitazene, each a Schedule I controlled substance.

    “The allegations in this indictment span over four hundred thousand transactions involving fentanyl, other dangerous drugs, and a wide range of contraband made accessible on the darknet for more than three years,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “Through cooperation with German and Lithuanian partners, the alleged administrator of this marketplace has been charged, servers and other infrastructure have been seized, and dangerous drugs and other contraband have been stopped from entering the United States. This case demonstrates the Department’s tireless commitment to protecting U.S. communities from the harms caused by fentanyl and darknet marketplaces and pursuing accountability for those who would endanger our communities no matter where they are located.”

    “Anyone who tries to profit from the sale of illegal drugs – whether it’s on the streets or online – will face consequences. Whether you sell or help others sell these dangerous drugs, you will be held accountable,” said Acting U.S. Attorney Carol M. Skutnik for the Northern District of Ohio. “I want to acknowledge the excellent investigative work of our federal agency partners here in Ohio who helped us to bring the charges in this case. Together, we remain committed to keeping our neighborhoods safe and our streets free from illegal narcotics.”

    “This indictment, made possible by the assistance of our German and Lithuanian allies, underscores the importance of global partnerships and international collaboration,” said FBI Cleveland Acting Special Agent in Charge Charles Johnston. “Nemesis Market, through the darknet, was a borderless powerhouse of criminal activity that not only fueled the drug epidemic, but also a multitude of illegal acts with the capacity to harm our citizens and destroy our communities. The FBI stands firm in its commitment to identify and investigate unlawful individuals and dismantle their networks operating with criminal intent.”

    Parsarad is charged with conspiracy to distribute controlled substances and distribution of controlled substances in the Northern District of Ohio and elsewhere. In addition, Parsarad is also charged with money laundering conspiracy for both using proceeds to promote illegal drug dealing and for offering money laundering services through Nemesis Market by mixing cryptocurrencies used to pay for goods and services to obscure their origins. Nemesis users were not allowed to conduct transactions in official, government-backed currencies.

    On March 20, 2024, U.S. law enforcement, in cooperation with German and Lithuanian authorities, seized Nemesis Market and blocked the flow of these drugs into the United States and elsewhere. In March 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against Parsarad for his role as the administrator of Nemesis Market. According to OFAC, Nemesis Market facilitated the sale of nearly $30 million worth of drugs between 2021 and 2024.

    If convicted, Parsarad faces a mandatory minimum penalty of 10 years in federal prison and a maximum penalty of life.

    The FBI Cleveland Division is investigating the case with assistance from the DEA and IRS-CI. The Justice Department’s Office of International Affairs and Cybercrime Liaison Prosecutor to Eurojust provided significant assistance.

    Trial Attorney Gaelin Bernstein of the Criminal Division’s Computer Crime and Intellectual Property Section and Assistant U.S. Attorney Segev Phillips for the Northern District of Ohio are prosecuting the case, with substantial assistance from the U.S. Attorneys Offices for the Northern District of Illinois and District of Massachusetts.

    This case was investigated as part of an FBI-led interagency Joint Criminal Opioid and Darknet Enforcement (J-CODE) operation. J-CODE brings together experts from the DEA, the Postal Inspection Service, Homeland Security Investigations, as well as the Department of Defense and the Customs and Border Protection, along with the FBI. The Justice Department appreciates the cooperation and significant assistance provided by law enforcement partners in the British Virgin Islands, Germany, Lithuania, and Türkiye.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

    April 18, 2025
  • MIL-OSI Security: Iranian National Indicted for Operating Online Marketplace Offering Fentanyl and Money Laundering Services

    Source: United States Department of Justice

    A federal grand jury has charged Behrouz Parsarad, an Iranian national, for his role as the founder and operator of Nemesis Market, a dark web marketplace for illegal drugs and criminal cyber-services, such as stolen financial information, fraudulent identification documents, counterfeit currencies, and computer malware.

    According to the indictment, Parsarad, 36, of Tehran, launched Nemesis Market on the dark web in March 2021. At its peak, Nemesis Market had over 150,000 users and more than 1,100 vendor accounts registered worldwide. Between 2021 and 2024, Nemesis Market processed more than 400,000 orders. Of these, more than 55,000 orders were categorized as orders for stimulants, including methamphetamine, cocaine, cocaine base (crack cocaine), and other controlled substances. An additional 17,000 orders were categorized as orders for opioids, including fentanyl, heroin, and oxycodone. Certain substances covertly purchased by the government from Nemesis were confirmed by laboratory reports to be mixtures and substances containing fentanyl, a Schedule II controlled substance, and/or acetylfentanyl, heroin, and/or protonitazene, each a Schedule I controlled substance.

    “The allegations in this indictment span over four hundred thousand transactions involving fentanyl, other dangerous drugs, and a wide range of contraband made accessible on the darknet for more than three years,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “Through cooperation with German and Lithuanian partners, the alleged administrator of this marketplace has been charged, servers and other infrastructure have been seized, and dangerous drugs and other contraband have been stopped from entering the United States. This case demonstrates the Department’s tireless commitment to protecting U.S. communities from the harms caused by fentanyl and darknet marketplaces and pursuing accountability for those who would endanger our communities no matter where they are located.”

    “Anyone who tries to profit from the sale of illegal drugs – whether it’s on the streets or online – will face consequences. Whether you sell or help others sell these dangerous drugs, you will be held accountable,” said Acting U.S. Attorney Carol M. Skutnik for the Northern District of Ohio. “I want to acknowledge the excellent investigative work of our federal agency partners here in Ohio who helped us to bring the charges in this case. Together, we remain committed to keeping our neighborhoods safe and our streets free from illegal narcotics.”

    “This indictment, made possible by the assistance of our German and Lithuanian allies, underscores the importance of global partnerships and international collaboration,” said FBI Cleveland Acting Special Agent in Charge Charles Johnston. “Nemesis Market, through the darknet, was a borderless powerhouse of criminal activity that not only fueled the drug epidemic, but also a multitude of illegal acts with the capacity to harm our citizens and destroy our communities. The FBI stands firm in its commitment to identify and investigate unlawful individuals and dismantle their networks operating with criminal intent.”

    Parsarad is charged with conspiracy to distribute controlled substances and distribution of controlled substances in the Northern District of Ohio and elsewhere. In addition, Parsarad is also charged with money laundering conspiracy for both using proceeds to promote illegal drug dealing and for offering money laundering services through Nemesis Market by mixing cryptocurrencies used to pay for goods and services to obscure their origins. Nemesis users were not allowed to conduct transactions in official, government-backed currencies.

    On March 20, 2024, U.S. law enforcement, in cooperation with German and Lithuanian authorities, seized Nemesis Market and blocked the flow of these drugs into the United States and elsewhere. In March 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against Parsarad for his role as the administrator of Nemesis Market. According to OFAC, Nemesis Market facilitated the sale of nearly $30 million worth of drugs between 2021 and 2024.

    If convicted, Parsarad faces a mandatory minimum penalty of 10 years in federal prison and a maximum penalty of life.

    The FBI Cleveland Division is investigating the case with assistance from the DEA and IRS-CI. The Justice Department’s Office of International Affairs and Cybercrime Liaison Prosecutor to Eurojust provided significant assistance.

    Trial Attorney Gaelin Bernstein of the Criminal Division’s Computer Crime and Intellectual Property Section and Assistant U.S. Attorney Segev Phillips for the Northern District of Ohio are prosecuting the case, with substantial assistance from the U.S. Attorneys Offices for the Northern District of Illinois and District of Massachusetts.

    This case was investigated as part of an FBI-led interagency Joint Criminal Opioid and Darknet Enforcement (J-CODE) operation. J-CODE brings together experts from the DEA, the Postal Inspection Service, Homeland Security Investigations, as well as the Department of Defense and the Customs and Border Protection, along with the FBI. The Justice Department appreciates the cooperation and significant assistance provided by law enforcement partners in the British Virgin Islands, Germany, Lithuania, and Türkiye.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

    April 18, 2025
  • MIL-OSI USA: Senator Lee Returns from Congressional Delegation to Denmark, Estonia, and Finland

    US Senate News:

    Source: United States Senator for Utah Mike Lee

    Senator Lee and Senator R. Scott following their meeting with Jonatan Vseviov,
    Secretary General of the Ministry of Foreign Affairs in Estonia 
    WASHINGTON – Senator Mike Lee recently returned from a congressional delegation to Denmark, Estonia, and Finland with Senator Rick Scott (R-FL). They met with senior government officials to discuss shared military and national security priorities. As a member of the Senate Foreign Relations Committee, and as Chairman of the Subcommittee on Multilateral International Development, Multilateral Institutions, and International Economic, Energy, and Environmental Policy, Senator Lee shares the Trump Administration’s goal of peace through strength.
    Of the trip, Senator Mike Lee said:
    “I enjoyed the opportunity to visit Denmark, Estonia, and Finland with my friend, Senator Rick Scott. Our meetings with government, military, and shipbuilding industry leaders, including Ministers of Defense, Ministers of Foreign Affairs, and legislators were productive. I walk away from this trip with a deeper understanding of the issues facing the region, as well as the regulatory burdens shipbuilders face. While abroad, I also had the distinct privilege to meet with U.S. service members, including one Utahn, at Tapa Army Base in Estonia, to discuss the Baltic region.
    The nations I visited are United States allies who have made good on their commitments and have a shared focus on enhancing regional partnerships for shipbuilding and national security. It was an honor to represent Utah overseas, and upon returning home, it is clear to me that the United States is once again respected on the world stage.”

    Senator Lee meets with U.S. service members
    at Tapa Army Base in Estonia 

    MIL OSI USA News –

    April 18, 2025
  • MIL-OSI: Correction: UAB „Atsinaujinančios energetikos investicijos“ publishes audited consolidated and separate annual financial statements for 2024

    Source: GlobeNewswire (MIL-OSI)

    UAB “Atsinaujinančios energetikos investicijos” (the Company) publishes its audited annual consolidated and separate financial statements for 2024 together with Company’s and Group‘s annual report for 2024

    Financial results

    The Company’s objective is to earn a return for the Company’s investors from investments in renewable energy infrastructure facilities and related assets. The main financial indicators for the period were:

    • As at 31 December 2024, the Company’s total assets were EUR 189,795 thousand, total equity was EUR 100,476 thousand, and total liabilities were EUR 89,319 thousand.
    • As at 31 December 2024, the Company’s investment assets at fair value through profit or loss were EUR 159,902 thousand, which compared to 31 December 2023, decreased by EUR 20,158 thousand or 11.20%. The decline in fair value of the investment portfolio was mainly driven by the results of the independent annual valuation of the Company’s shares. Specifically, the value of the Company’s solar assets in Poland primarily decreased due to electricity price curve forecasts being significantly lower than the electricity price curve utilised in the Company’s valuation in the fourth quarter of 2023.
    • From January to December 2024, the Company reported a comprehensive loss of EUR 14,824 thousand, primarily attributed to the negative fair value change in the investment portfolio resulting from the independent annual valuation of the Company’s shares.

    Review of performance and development

    • In December 2024, the Company successfully divested its 65.5 MW operating solar portfolio in Poland, Energy Solar Projekty sp. z o.o. This divestment marks the Company’s first significant exit in its core portfolio.
    • The construction of the 67.8 MW total capacity portfolio for PV Energy Projects sp. z o.o. is nearing completion. As of the fourth quarter of 2024, 44.8 MW of this capacity is operational, with a Commercial Operation Date (COD) anticipated for September 2025.
    • The construction of the PL SUN sp. z o.o. portfolio, with a total capacity of 114.7 MW, is progressing through two distinct development phases. The first phase, encompassing 66.6 MW, saw substantial completion in the second quarter of 2024, with 26.4 MW energized by the close of the fourth quarter. The remaining capacity of 40.2 MW is scheduled to be energized by the second quarter of 2025. Construction on the second phase, totalling 48.1 MW, commenced in the fourth quarter of 2024, with energization expected by the fourth quarter of 2025.
    • The Company holds 25% of shares of UAB Žaliosios investicijos, which manages the 185.5 MW portfolio, consisting of 34 wind turbines in Lithuania. The energy production license for the Anykščiai wind farm was secured in August 2024, and licenses for the Jonava and Rokiškis wind farms are anticipated in the second quarter of 2025.
    • The development permit for a hybrid power plant with a capacity of 100 MW of wind and 70 MW of solar, being developed by UAB Ekoelektra, has been granted. The technical design project has been initiated and submitted to the Transmission System Operator (Lidgrid) for coordination, ensuring adherence to grid requirements for effective integration into the national electricity network.
    • UAB JTPG submitted the grid connection technical project for a 70 MW solar PV project to Litgrid for approval in the third quarter of 2024, marking a significant step in the project’s development.
    • The development permit for a hybrid power plant developed by UAB KNT Holding, which includes 390 MW of wind, 250 MW of solar, and a Battery Energy Storage System (BESS) of 50 MW / 200 MWh, has also been granted. The technical design project has been initiated and submitted to the Lidgrid for coordination.
    • For the 112 MW wind park development project in Latvia managed by Zala Elektriba SIA, the grid connection deadline was extended in the third quarter of 2024, with balance of plant works commencing in the fourth quarter of 2024.

    Shareholders’ meeting

    According to the Law on Companies of Republic of Lithuania, the annual financial statements prepared by the Management are authorised by the General Shareholders’ meeting. The shareholders hold the power to not approve the annual financial statements and have the right to request new financial statements to be prepared. 

    The shareholders of the Company will vote on approving the Group‘s and Company’s 2024 financial statements at a shareholders’ meeting to be held on 30 April 2025. The meeting will also consider a proposal for the distribution of profits. The proposed profit allocation is as follows:

    Article Thousand, EUR
    Retained earnings (loss) – at the beginning of financial year 31,450
    Comprehensive income (loss) for the reporting period – net profit for the current year* (14,824)
    Profit transfer to the legal reserve (250)
    Retained earnings (loss) – at the end of financial year 16,376
    Profit distribution:  
    Profit transfer to the legal reserve –
    Profit transfer to other reserves –
    Profit to be paid as dividends –
    Retained earnings (loss) at the end of the financial year for 2024 and previous financial periods 16,376

    * The preliminary announcement contained an inaccuracy regarding the Company’s total losses for the year 2024

    Contact person for further information:
    Mantas Auruškevičius
    Manager of the Investment Company
    Mantas.Auruskevicius@lordslb.lt 

    Attachments

    • UABAEI-2024-12-31-en
    • AEI_FS_2024_EN

    The MIL Network –

    April 17, 2025
  • MIL-OSI: BTCC Exchange Powers Bitcoin Donations at Red Eagle Foundation’s Legends Golf Day Charity Event

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, April 17, 2025 (GLOBE NEWSWIRE) — BTCC, one of the world’s longest-serving cryptocurrency exchanges, announces an exciting development for the upcoming Red Eagle Foundation’s Legends Golf Day, where Bitcoin donations will be accepted for the first time in the foundation’s history. This crypto fundraising event will take place at The Shire London on April 24, 2025, creating a new avenue for cryptocurrency holders to support children in need across the UK.

    The prestigious event will feature Tottenham Hotspur legend and former England manager Glenn Hoddle and other sports icons, including professional golfer Lucy Robson and Manchester United legend Teddy Sheringham. Participants will enjoy a fantastic day of golf competition, entertainment with comedian Jed Stone, a live auction, and an exclusive Q&A session with Glenn Hoddle hosted by sports television pundit Scott Minto.

    Attendees will be able to make Bitcoin donations via a QR code displayed throughout the event. All proceeds will directly benefit disabled, disadvantaged, and terminally ill children across the UK through the Red Eagle Foundation’s charity programs.

    “As leaders in crypto, it’s our responsibility to unlock new ways for communities to give. Bitcoin donations are just the beginning,” said Aaryn Ling, Head of Branding at BTCC Exchange. “We believe in using Bitcoin not just as a financial tool, but as a force for good. That’s why we’re powering Bitcoin donations to charities worldwide.”

    BTCC, established in 2011, is one of the world’s most established crypto exchanges, known for its security, reliability, and user-focused digital asset services. Beyond its business operations, the exchange actively participates in charitable initiatives to bring positive impacts to communities and society.

    The Legends Golf Day builds on the success of previous collaborations between BTCC and the Red Eagle Foundation, including events featuring football legends Frank Lampard and Matt Le Tissier. The addition of Bitcoin donations aims to modernize fundraising approaches and engage the cryptocurrency community in supporting worthy causes.

    About BTCC Exchange

    Founded in 2011, BTCC is a leading cryptocurrency exchange committed to making crypto trading reliable and accessible. With a decade-long track record, BTCC offers a secure platform for crypto trading with its community-driven campaigns.

    Official website: https://www.btcc.com/en-US

    X: https://x.com/BTCCexchange

    Media Contact: press@btcc.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e55e89d5-e6bb-4781-b622-db351e37b425

    The MIL Network –

    April 17, 2025
  • MIL-OSI: Dividend Payment Procedure

    Source: GlobeNewswire (MIL-OSI)

    The Ordinary general meeting of shareholders held on 31 March 2025 approved allocation of the profit of Šiaulių Bankas AB which included a pay-out of dividends – 0.061 euro shall be paid for each ordinary registered share with a nominal value of 0.29 euro. Dividends shall be paid out to persons who were the shareholders of Šiaulių Bankas AB at the end of the record day – 14 April 2025.

     

    The Bank shall pay out dividends on 25 April 2025 in compliance with the following procedure:

    – those shareholders whose shares are being accounted in the securities accounts with banks and financial brokerage companies rendering investment services will receive an amount of dividends after deduction of Personal Income Tax or Corporate Profit Tax in compliance with the laws of the Republic of Lithuania which shall be transferred to the accounts with the respective banks or financial brokerage companies;

     – for shareholders whose shares are accounted for in Šiaulių Bankas AB in the issuer’s accounting, the amount of dividends, after deducting personal income tax or income tax in accordance with the laws of the Republic of Lithuania, will be transferred to the account specified by the shareholder. If the shareholder has not specified an account for the transfer of dividends, he/she must submit an application for the transfer of dividends. Applications are accepted from     18 April 2025 in all customer service points of Šiaulių Bankas AB. Before going to the customer service department, it is necessary to register for a visit on-line at https://sb.lt/en or by phone +370 610 44447. Applications for dividend transfer can also be submitted via the Internet Bank.

     

    Taxation of dividends:

    – Dividends of natural persons residents of the Republic of Lithuania and foreign countries shall be subject to 15 per cent of the Personal Income Tax rate;

    – Dividends of legal entities residents of the Republic of Lithuania and foreign countries shall be subject to 15 per cent of the Corporate Profit Tax rate, unless otherwise provided for in the laws.

     

    Additional information:

    Director of Securities Operations Department Jolanta Dobiliauskienė

    jolanta.dobiliauskiene@sb.lt , +370 610 28757

    The MIL Network –

    April 17, 2025
  • MIL-OSI Europe: Answer to a written question – Overcoming challenges to Cyprus’s accession to the Schengen area – E-000502/2025(ASW)

    Source: European Parliament

    Already since its accession to the EU, Cyprus has been bound by the Schengen rules. Its gradual integration into the Schengen area without internal frontiers, culminating in a Council decision on lifting checks at the internal borders, is subject to a positive Schengen evaluation[1] and a unanimous decision of the Council .

    Cyprus’ first-time evaluation is ongoing, and the Commission is closely monitoring the progress made by Cyprus in fulfilling the technical Schengen requirements.

    The Commission is aware that Cyprus’ integration into the Schengen area requires due respect to its special situation and the framework applicable in line with Protocol 10[2]. The Commission stands ready to engage in a dialogue with Cyprus on how this can be achieved, including with regard to the Green Line.

    The Commission already provides substantial financial support to Cyprus for border and migration management as well as police cooperation. During the 2021-2027 programming period, more than EUR 292 million[3] have been allocated to Cyprus under the Home Affairs Funds[4].

    This includes measures sustaining the implementation of the Schengen requirements, such as EUR 9.9 million to support digital systems (e.g. the Schengen Information System), EUR 67.7 million for the construction of the new reception and pre-departure centres in Limnes, and EUR 30 million to enhance Cyprus’ surveillance systems at the external sea border.

    • [1] In accordance with Regulation (EU) 2022/922 on the establishment and operation of an evaluation and monitoring mechanism to verify the application of the Schengen acquis, OJ L 160, 15.6.2022, p. 1-27.
    • [2] Act concerning the conditions of accession of the Czech Republic, the Republic of Estonia, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Republic of Hungary, the Republic of Malta, the Republic of Poland, the Republic of Slovenia and the Slovak Republic and the adjustments to the Treaties on which the European Union is founded — Protocol No 10 on Cyprus; OJ L 236, 23.9.2003, p. 955-955.
    • [3] Under the 2021-2027 programming period, so far more than EUR 90 million have been allocated under the Asylum Migration and Integration Fund programme of Cyprus, EUR 80 million under the Border Management and Visa Policy Instrument programme and EUR 25.6 under the Internal Security Fund. On top of this support EUR 96.4 million have been provided under the Asylum, Migration and Integration Fund directly from the Commission (emergency assistance, union actions for Member States under pressure).
    • [4] This includes the Border Management and Visa Instrument, the Asylum, Migration and Integration Fund and the Internal Security Fund.
    Last updated: 16 April 2025

    MIL OSI Europe News –

    April 17, 2025
  • MIL-OSI Security: Europol supports strike-down on criminal organisation smuggling tens of thousands of hazardous salvage cars from the US

    Source: Europol

    The investigation, code-named ‘Nimmersatt’ (‘Insatiable’ in German), extended from the US to Russia, with links to Canada, Hungary, Ireland and the United Kingdom (UK), as well as 11 EU countries. Investigative measures were conducted today and yesterday in Bulgaria, Estonia, Germany, Hungary, Latvia, Lithuania, the Netherlands, Portugal, Romania and Spain.Wrecked cars, fake import papers, cosmetic repairs and tax fraudCriminal organisations…

    MIL Security OSI –

    April 17, 2025
  • MIL-OSI: Coop Pank AS will hold an investor webinar to introduce the results for the Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Coop Pank invites shareholders, investors, analysts and other stakeholders to join its investor webinar, scheduled on 23 April 2025 at 9 am (EET). The webinar will be held in Estonian.

    The webinar will be hosted by the Chairman of the Board Margus Rink and the Chief Financial Officer Paavo Truu, who present the unaudited financial results of the First Quarter of 2025.

    During the webinar all attendees can ask questions. All questions will be answered after the presentation.

    To join the webinar, you need to register in advance via following link: https://bit.ly/CP-veebiseminar-osalemine-23042025  

    Registrants will be sent a link to the webinar and a reminder email one hour before the start of the webinar. The webinar will be recorded and published on the company’s website www.cooppank.ee and on our YouTube account.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking has reached 211,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti comprising 320 stores.

    Additional information:
    Katre Tatrik
    Communication Manager
    Tel: +372 5151 859
    E-mail: katre.tatrik@cooppank.ee

    The MIL Network –

    April 17, 2025
  • MIL-OSI United Kingdom: Temporary duties imposed on engine oils and hydraulic fluids

    Source: United Kingdom – Government Statements

    News story

    Temporary duties imposed on engine oils and hydraulic fluids

    The Government  has accepted the TRA’s recommendation to impose provisional duties on imports of engine oils and hydraulic fluids from Lithuania and the UAE.

    The Secretary of State for Business and Trade has today (16/04/2025) accepted the Trade Remedies Authority (TRA)’s recommendation to impose provisional anti-dumping duties on imports of engine oils and hydraulic fluids from Lithuania and the United Arab Emirates (UAE), following evidence of dumping that has caused injury to UK industry. These measures will be in effect for a period of up to six months. 

    A Provisional Affirmative Determination (PAD) allows temporary duties to be imposed while a full investigation is completed.  

    The investigation, which was initiated in June 2024, found on a preliminary basis that UK producers were being undercut by an average of 37% of UK sales prices, causing material injury to domestic industry. The TRA’s investigation followed an application from UK manufacturer Aztec Oils Ltd.  

    The investigation covers certain engine oils and hydraulic fluids, including passenger car motor oils, heavy-duty commercial vehicle oils, and hydraulic oils.  

    In its Provisional Affirmative Determination, the TRA has recommended provisional duties ranging from 11.60% to 24.95% for individual participating companies and countrywide rates of 49.59% for Lithuania and 59.40% for the UAE.  

    UK producers are expected to benefit from these measures by between £5 million and £55 million, depending on their ability to adjust prices in response to the duties.  

    The TRA will continue its full investigation while these provisional measures are in place.  

    Note to editors:  

    • The Trade Remedies Authority is the independent UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports.   

    • The TRA is an arm’s length body of the Department for Business and Trade.   

    • Anti-dumping duties allow a country or union to act against goods which are being sold at less than their normal value – this is defined as the price for ‘like goods’ sold in the exporter’s home market.  

    • The period of investigation is from 1 April 2023 to 21 March 2024.

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    Updates to this page

    Published 16 April 2025

    MIL OSI United Kingdom –

    April 17, 2025
  • MIL-OSI: Resolutions of the annual general meeting of shareholders of Coop Pank AS

    Source: GlobeNewswire (MIL-OSI)

    The annual general meeting of shareholders of Coop Pank AS (registry code 10237832, address Maakri 30, Tallinn, 15014; hereinafter also the Company) was held on 16 April 2025 at 13:00 (Estonian time) at Mövenpick Hotel Tallinn conference room “Leiger” (Lembitu str 12, Tallinn, Estonia).

    59 628 525 votes were represented at the meeting, representing 57,90% of Company’s share capital, and thus the General Meeting had a quorum. 63 shareholders were represented at the meeting.

    The notice of calling the general meeting was published on 19 March 2025 in the stock exchange information system and on the homepage of the Company and on 20 March 2025 in the daily newspaper “Postimees“.

    The decisions of the General Meeting were as follows:

    1. Approval of the consolidated Annual Report 2024 of Coop Pank AS.

    The General Meeting decided to approve consolidated Annual Report 2024 of Coop Pank AS submitted to the General Meeting.

    The resolution was adopted by 59 625 491 votes, representing 99,99% of the votes represented at the meeting.

    1. Profit allocation of Coop Pank AS 2024 financial year.

    To approve the proposal of the Management Board for allocating the net profit of Coop Pank AS in the amount of 32 178 thousand euros as follows:

    • To transfer 1 609 thousand euros to the legal reserve.
    • To pay dividends in the net amount of 7,00 eurocents per share. The list of shareholders entitled to receive dividends will be established as at 02.05.2025 COB. Consequently, the day of change of the rights related to the shares (ex-dividend date) is set to 30.04.2025. For shares acquired from this day onwards, the shareholder is not entitled to receive a dividend for the Company’s 2024 financial year. Dividends shall be disbursed to the shareholders on 06.05.2025.
    • To transfer the remaining part of the profit to retained earnings.

    The resolution was adopted by 59 622 024 votes, representing 99,99% of the votes represented at the meeting.

    1. To approve the share option program of the Company for the period of 2025 – 2026 as submitted to the General Meeting.

    The resolution was adopted by 59 602 431 votes, representing 99,96% of the votes represented at the meeting.

    1.  The pre-emptive right to subscribe for new shares, issued under Article 3.3.5 of the Articles of Association, belongs to Company employees covered by the share option program, approved by the resolution of the 13 April 2022 general meeting of the Company, and with whom the Company has entered into relevant option agreements (Option Holders). To exclude the pre-emptive subscription rights of the existing shareholders for the shares issued to Option Holders in accordance with section 3.3.5 of the Articles of Association for the purpose of executing the share option program of Coop Pank AS.

    The resolution was adopted by 59 604 690 votes, representing 99,96% of the votes represented at the meeting.

    The minutes of the General Meeting shall be made available to the shareholders not later than within 7 (seven) days from the date of the General Meeting at Company’s website https://www.cooppank.ee/en/for-investors .

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 211 000. Coop Pank aims to put the synergy generated by the interaction of retail busineass and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores. 

    Additional information:
    Paavo Truu
    CFO
    Phone: +372 5160 231
    E-mail: paavo.truu@cooppank.ee

    The MIL Network –

    April 17, 2025
  • MIL-OSI: UAB „Atsinaujinančios energetikos investicijos“ publishes audited consolidated and separate annual financial statements for 2024

    Source: GlobeNewswire (MIL-OSI)

    UAB “Atsinaujinančios energetikos investicijos” (the Company) publishes its audited annual consolidated and separate financial statements for 2024 together with Company’s and Group‘s annual report for 2024

    Financial results

    The Company’s objective is to earn a return for the Company’s investors from investments in renewable energy infrastructure facilities and related assets. The main financial indicators for the period were:

    • As at 31 December 2024, the Company’s total assets were EUR 189,795 thousand, total equity was EUR 100,476 thousand, and total liabilities were EUR 89,319 thousand.
    • As at 31 December 2024, the Company’s investment assets at fair value through profit or loss were EUR 159,902 thousand, which compared to 31 December 2023, decreased by EUR 20,158 thousand or 11.20%. The decline in fair value of the investment portfolio was mainly driven by the results of the independent annual valuation of the Company’s shares. Specifically, the value of the Company’s solar assets in Poland primarily decreased due to electricity price curve forecasts being significantly lower than the electricity price curve utilised in the Company’s valuation in the fourth quarter of 2023.
    • From January to December 2024, the Company reported a comprehensive loss of EUR 14,824 thousand, primarily attributed to the negative fair value change in the investment portfolio resulting from the independent annual valuation of the Company’s shares.

    Review of performance and development

    • In December 2024, the Company successfully divested its 65.5 MW operating solar portfolio in Poland, Energy Solar Projekty sp. z o.o. This divestment marks the Company’s first significant exit in its core portfolio.
    • The construction of the 67.8 MW total capacity portfolio for PV Energy Projects sp. z o.o. is nearing completion. As of the fourth quarter of 2024, 44.8 MW of this capacity is operational, with a Commercial Operation Date (COD) anticipated for September 2025.
    • The construction of the PL SUN sp. z o.o. portfolio, with a total capacity of 114.7 MW, is progressing through two distinct development phases. The first phase, encompassing 66.6 MW, saw substantial completion in the second quarter of 2024, with 26.4 MW energized by the close of the fourth quarter. The remaining capacity of 40.2 MW is scheduled to be energized by the second quarter of 2025. Construction on the second phase, totalling 48.1 MW, commenced in the fourth quarter of 2024, with energization expected by the fourth quarter of 2025.
    • The Company holds 25% of shares of UAB Žaliosios investicijos, which manages the 185.5 MW portfolio, consisting of 34 wind turbines in Lithuania. The energy production license for the Anykščiai wind farm was secured in August 2024, and licenses for the Jonava and Rokiškis wind farms are anticipated in the second quarter of 2025.
    • The development permit for a hybrid power plant with a capacity of 100 MW of wind and 70 MW of solar, being developed by UAB Ekoelektra, has been granted. The technical design project has been initiated and submitted to the Transmission System Operator (Lidgrid) for coordination, ensuring adherence to grid requirements for effective integration into the national electricity network.
    • UAB JTPG submitted the grid connection technical project for a 70 MW solar PV project to Litgrid for approval in the third quarter of 2024, marking a significant step in the project’s development.
    • The development permit for a hybrid power plant developed by UAB KNT Holding, which includes 390 MW of wind, 250 MW of solar, and a Battery Energy Storage System (BESS) of 50 MW / 200 MWh, has also been granted. The technical design project has been initiated and submitted to the Lidgrid for coordination.
    • For the 112 MW wind park development project in Latvia managed by Zala Elektriba SIA, the grid connection deadline was extended in the third quarter of 2024, with balance of plant works commencing in the fourth quarter of 2024.

    Shareholders’ meeting

    According to the Law on Companies of Republic of Lithuania, the annual financial statements prepared by the Management are authorised by the General Shareholders’ meeting. The shareholders hold the power to not approve the annual financial statements and have the right to request new financial statements to be prepared. 

    The shareholders of the Company will vote on approving the Group‘s and Company’s 2024 financial statements at a shareholders’ meeting to be held on 30 April 2025. The meeting will also consider a proposal for the distribution of profits. The proposed profit allocation is as follows:

    Article Thousand, EUR
    Retained earnings (loss) – at the beginning of financial year 31,450
    Comprehensive income (loss) for the reporting period – net profit for the current year (14,424)
    Profit transfer to the legal reserve (250)
    Retained earnings (loss) – at the end of financial year 16,376
    Profit distribution:  
    Profit transfer to the legal reserve –
    Profit transfer to other reserves –
    Profit to be paid as dividends –
    Retained earnings (loss) at the end of the financial year for 2024 and previous financial periods 16,376

    Contact person for further information:
    Mantas Auruškevičius
    Manager of the Investment Company
    Mantas.Auruskevicius@lordslb.lt 

    Attachments

    • UABAEI-2024-12-31-en
    • AEI_FS_2024_EN

    The MIL Network –

    April 16, 2025
  • MIL-OSI Global: Why does Putin insist Ukranians and Russians are ‘one people’? The answer spans centuries of colonisation and resistance

    Source: The Conversation – Global Perspectives – By Darius von Guttner Sporzynski, Historian, Australian Catholic University

    Russian president Vladimir Putin does not seem interested in peace: Sunday’s missile strike on Sumy, the worst civilian attack this year, proves he is determined to expand into Ukraine at any cost.

    This is a war of ideas, narratives and myths – one that can be traced to the mid-1500s, when Ivan the Terrible, Grand Duke of Muscovy declared himself the first “tsar” of all Russia.

    As part of his quest for power, Ivan the Terrible challenged King Sigismund I of Poland, who as Duke of Rus, ruled over territories that now comprise parts of modern-day Ukraine.

    Russian rulers have often repurposed history to build their power, according to historian Orlando Figes. Putin wrote a well known essay in 2021 that called Russians and Ukrainians “one people”. He was relying on old beliefs that Russia has the right to “restore” or reunite lands it once ruled.

    Ukraine has survived bans on its language, forced assimilation policies, and famines like the Holodomor, orchestrated by Stalin in the 1930s. The country declared independence from Russia in 1991. Now, teachers, artists and local leaders have joined soldiers in resisting Russia.

    Empire and a holy mission

    A broad expanse of the former medieval kingdom of Kyivan Rus incorporated territories in present-day Ukraine, Belarus and Russia, including Ukraine’s capital, Kyiv. From 1386 until 1772, the majority of these lands came under the rule of Poland-Lithuania, governed by the Lithuanian Jagiellon dynasty, and their successors.

    Today, Russia often points to Kyivan Rus (which lasted from the 9th to the 13th century), claiming it is reuniting these ancient lands, as Ivan the Terrible claimed in the mid-1500s.

    Grand Duchy of Lithuania, ruled by the Jagiellon dynasty in the 13th to 15th centuries.
    Wikipedia, CC BY

    In 1547, Ivan declared Muscovy a tsardom and Moscow to be the “Third Rome” – in other words, the latest centre of true Christianity, after Rome and Constantinople. This idea made conquest seem like a holy mission. By the late 1700s, the Russian Empire had destroyed Poland-Lithuania in a series of territorial annexations and wars. It had spread far to the south and east, and now bordered with Prussia and Austria.

    Ukraine, with its rich farmland and cultural connection to Kyivan Rus, was a top prize. Russian leaders called Ukraine “Malorossiya”, or “Little Russia”, to claim it was just a small part of a larger, Russian whole. They banned Ukrainian-language publications, forced the Orthodox Church of Ukraine to answer to Moscow, and tried to stamp out any sense of a separate Ukrainian identity.

    However, Ukraine developed its own cultural identity, shaped by its Cossack traditions, its history under Polish–Lithuanian rule, and its separate experiences. Many Ukrainians argue their culture existed long before Muscovy evolved into an empire.

    Winter Scene in Little Russia.
    Ivan Constantinovich Aivazovsky/Wikimedia Commons

    Meanwhile, Russia had expanded into its next-door neighbours, then pretended these lands had always been part of Russia. Historian Alexander Etkind calls this process “internal colonisation”. This strategy helped Russia become a vast empire. But it also built lasting resentment, particularly in Ukraine.

    Famine and ‘fascists’

    The Soviet Union (USSR), established in 1922 in the wake of the successful Bolshevik Coup in 1917, claimed to be a union of equal republics. But in practice, Moscow stayed firmly in control.

    Ukraine had the label of “Soviet Republic”, but had little genuine independence. Soviet leaders demanded enormous amounts of grain, coal, and labour from Ukraine to support the rest of the USSR.

    A postcard printed in Germany by Ukrainian Youth Association for the 15th anniversary of Holodomor, 1933.
    Wikimedia Commons, CC BY

    One of the darkest periods in Ukrainian history was the Holodomor, an orchestrated famine that spanned 1932–33, in which millions of Ukrainians died of hunger, after Stalin’s government seized huge amounts of grain from farmers. These policies aimed to break Ukrainian resistance and nationalist feelings.

    The Holodomor was an act of genocide against Ukrainians, though Russia disputes this interpretation.

    After World War II, the Soviet Union took over the Baltic states and parts of Poland, including regions now in western Ukraine. Although Ukraine became one of the more industrialised parts of the USSR, genuine displays of Ukrainian culture or independent thought were often met with harsh punishment. People who spoke out were labelled “fascists”, a term still used in Russia’s modern propaganda.

    Starved peasants on a street in Kharkiv during the famine.
    Widener Library, Harvard University

    Reclaiming Ukraine

    The USSR fell apart in 1991. Ukraine, along with other former Soviet republics, became independent nations. This was a major blow to Russia’s idea of itself as a world empire. For centuries, Moscow had seen Ukraine as central to its identity.

    The 1990s brought tough economic reforms and political changes in Russia. Then Vladimir Putin rose to power in the early 2000s, promising to restore Russia’s influence. He described the former Soviet states as the “near abroad”, suggesting Moscow still had special rights over these regions.

    In 2008, Russia went to war with Georgia. After winning, it recognised two breakaway provinces in Georgia, effectively keeping troops there.

    In 2014, Russia annexed Crimea from Ukraine, claiming it was protecting Russian speakers. It also backed separatists in eastern Ukraine’s Donbas region. The United Nations General Assembly passed Resolution 68/262 in March 2014, declaring Russia’s annexation of Crimea illegal. The Kremlin continued its policies regardless.

    ‘Denazifying’ Ukraine?

    In February 2022, Russia expanded the conflict by launching an invasion of Ukraine. It described its actions as a mission to “denazify” the country, accusing Ukraine’s government of being controlled by Nazis – although president Zelenskyy has Jewish heritage.

    There was no evidence to support these claims. Still, Russian leaders used these slogans to justify their aggressive push. They also spoke of “traditional values” and “Orthodox unity”, painting themselves as defenders of a shared Slavic culture.

    The military objective was to capture the Donbas completely, create a land bridge to Crimea, and maybe advance further to Transnistria in Moldova, a pro-Russian separatist region.

    What Russia hoped would be a quick victory has become a long, brutal conflict. For many Ukrainians, independence is more than just avoiding control by Moscow. It is about creating a society built on democracy, human rights and ties to Europe.

    These values inspired the Euromaidan protests in Kyiv in 2013–14, where demonstrators demanded less corruption and closer links to the European Union. Russia used these protests to justify seizing Crimea in 2014.

    A message of self-determination

    The Kremlin’s insistence that Ukrainians and Russians are the same mirrors the older imperial model: expand, absorb and claim these territories were always part of Russia. Breaking free from this “mental empire” demands a deep shift in how Russians, Ukrainians, and the world view Eastern Europe’s past and present.

    When the Soviet Union collapsed, many hoped for a new era of cooperation in Eastern Europe. Instead, authoritarian politics and old beliefs about empire have led to a devastating conflict.

    By refusing to be pulled back into Russia’s orbit, Ukrainians send a message about self-determination. They reject the claim bigger nations can absorb smaller ones simply by invoking a shared past.

    Darius von Guttner Sporzynski does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Why does Putin insist Ukranians and Russians are ‘one people’? The answer spans centuries of colonisation and resistance – https://theconversation.com/why-does-putin-insist-ukranians-and-russians-are-one-people-the-answer-spans-centuries-of-colonisation-and-resistance-253043

    MIL OSI – Global Reports –

    April 16, 2025
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