In May 2024, the Estonian FSA performed an on-site inspection, assessing the internal control system of Northern Horizon Capital AS and the implementation of measures to prevent and mitigate conflicts of interest. On 19 December 2024, the Estonian FSA issued a precept to Northern Horizon Capital AS, requiring it to improve some elements of its internal control processes and eliminate identified weaknesses.
The precept can be found on the Estonian FSA’s website.
Northern Horizon Capital AS has cooperated with the Estonian FSA throughout the process and prepared an action plan in August 2024 to resolve the matters, based on which several weaknesses have already been eliminated.
Lars Ohnemus, Chairman of the Supervisory Council of Northern Horizon Capital AS and Chairman of the Board of Northern Horizon Capital A/S (being a parent company of Northern Horizon Capital AS), commented:
“Our commitment to good governance practices is fundamental and needless to say, we take guidance from the Estonian FSA seriously. It has been essential for us to make adjustments as swiftly as possible. The majority of points raised in the report have already been addressed, and we continue our efforts to strengthen our governance and internal control system as per the agreed plan.”
For additional information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
tarmo.karotam@nh-cap.com
www.baltichorizon.com
Baltic Horizon Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.
