M-real executive vice-president and chief financial officer Veli-Matti Mynttinen said the incident happened before the group bought Zanders from International Paper (PrintWeek, 16 March 2001). Zanders is taking civil and criminal legal measures to secure the return of the lost funds.
The funds were invested by the former employee in pension insurance policies on behalf of unknown private individuals.
The litigation was referred to in M-reals year-end figures for 2001, which saw a 37% fall in net profits, mainly attributable to shutdowns and investment projects at its Kangas and Husum mills.
Have your say in the Printweek Poll
Related stories
Latest comments
"Sad to see another print company facing financial trouble. The industry is tough, and this highlights the ongoing challenges many are facing. Hope employees and customers get clarity soon."
"Not surprised, businesses need to prepare for these attacks rather than thinking that they're going to avoid them. At the very least, data needs to be fully protected with air gaps in place..."
"So much for growth then!"
Up next...
Six months after Charlesworth deal
TJ Books looks to appoint admins
Current timeframes are insufficient
Election print and postal pressures highlighted in AEA report
"Significant milestone"
Riso celebrates 20 years of inkjet
Strengthens existing product portfolio