Omniva audit revealed: state extracted millions in euros from loss-making company

Omniva underwent a special audit that revealed the state withdrew 6.1 million euros in dividends from the company in 2023, despite Omniva operating at a loss that same year. Additionally, it was discovered that the company closed several post offices that had recently undergone renovations.

Estonia's state-owned postal services company Omniva has come under scrutiny following a special audit that revealed multiple questionable management decisions. During the audit, it emerged that the state withdrew 6.1 million euros in dividends from Omniva in 2023, despite the fact that the company was operating at a loss during the same period.

Particularly striking is the fact that Omniva closed several post offices that had recently undergone extensive renovation work. This means that the resources invested in repairs were essentially wasted, as the offices were closed shortly after the work was completed.

The state's withdrawal of dividends from a loss-making company has raised questions about the state's conduct as an owner. Such decisions could further strain the company's financial situation and limit its investment capacity in the future.

In recent years, Omniva has faced declining demand for traditional postal services as more communication has shifted to digital channels. At the same time, parcel delivery volumes have grown due to e-commerce development, forcing the company to reshape its business model.

The results of the special audit raise a broader question about how the state should manage struggling state-owned enterprises and when dividend payments are justified and when they are not.