Northern Horizon Capital AS Enhances Internal Controls
In an effort to uphold best practices in governance, Northern Horizon Capital AS is actively addressing recommendations from a recent inspection by the Estonian Financial Supervision and Resolution Authority (FSA). This inspection, which took place in mid-2024, focused on the company's internal control systems and measures aimed at preventing and mitigating conflicts of interest.
Precept Issued by Estonian FSA
On a notable date in December 2024, the Estonian FSA responded to findings by issuing a precept to Northern Horizon Capital AS, mandating improvements to several internal control elements. The regulatory body identified certain weaknesses during its assessment and has facilitated a collaborative approach to help the company meet compliance requirements.
Cooperation and Action Plans
Northern Horizon Capital AS has shown commendable cooperation with the Estonian FSA throughout the inspection process. Notably, the company devised an action plan in August 2024, aimed at not only addressing the issues raised by the FSA but also laying the groundwork for more robust governance practices. Many of the identified weaknesses are in various stages of resolution, reflecting Northern Horizon's commitment to continuous improvement.
Commitment from Leadership
Lars Ohnemus, who leads the Supervisory Council of Northern Horizon Capital AS and also heads the Board of its parent company, expressed strong sentiments regarding their compliance journey. He stated, "Our commitment to good governance practices is fundamental, and we take guidance from the Estonian FSA seriously. Making adjustments swiftly has been essential, and we are diligently working to strengthen our governance and internal control systems as per the agreed plan." This statement underscores the company’s proactive stance in enhancing its operational integrity.
Fund Management and Oversight
The Baltic Horizon Fund, managed by Northern Horizon Capital AS, is a registered public closed-end real estate fund structured to provide investors with a well-organized and compliant investment opportunity. As the company evolves, maintaining regulatory compliance ensures that investor trust is upheld, which is critical in the competitive landscape of real estate investment.
Contact Information
For more specific inquiries about the Fund and its strategic direction, interested parties can reach out to Tarmo Karotam, the Fund manager, via email at tarmo.karotam@nh-cap.com. Additional information is also available at www.baltichorizon.com.
Frequently Asked Questions
What prompted the Estonian FSA to issue a precept?
The precept was a result of an on-site inspection assessing Northern Horizon Capital AS's internal controls and measures against potential conflicts of interest.
How has Northern Horizon Capital AS responded to the precept?
The company has cooperated fully with the FSA, developed an action plan, and made significant progress in addressing identified weaknesses.
Who is leading the governance efforts within Northern Horizon Capital AS?
Lars Ohnemus, the Chairman of the Supervisory Council and Board, is spearheading the governance and compliance efforts.
What is the Baltic Horizon Fund?
The Baltic Horizon Fund is a registered public closed-end real estate fund managed by Northern Horizon Capital AS, focusing on delivering value to investors.
How can I get more information about Northern Horizon Capital AS?
Additional information can be obtained through the company's official website or by contacting the Fund manager directly via email.
