Icor manager returns from Estonia to Estonia | Business

According to him, such a decision was determined by the desire for more efficient operations, a more favorable tax environment for Lithuanian companies than in Estonia, as well as, according to the CEO, reduced political risk, which forced Icor managers to leave Lithuania almost a decade ago.

“Formally, we are becoming a Lithuanian company again, and the group of companies will continue to pay taxes in Lithuania as well. The Icor group brand will not change either, we will continue to use it, ”said Artūras Gudelis, CEO of Icor.

For nine years, all the shares of Icor, which owns more than 100 companies, were owned by the Estonian company Global Energy Consulting through the holding and investment company Lag & d. The shareholders of the latter are Andrius Janukonis, Gintautas Jaugielavičius and Linas Samuolis.

According to A. Gudelis, the decision to transfer the holding company to Estonia was made at the end of 2012, and the main reason was that the aim was to manage political risk.