Did Minister Tuppurainen hint at personnel changes at Fortum? “You can be sure”

Minister of owner guidance Titti Tuppurainen (sd) seems to hint at changes in the energy company Fortum’s in the board at next spring’s general meeting.

The issue came up during the parliament’s question hour on Thursday, when the opposition Harry “Hjallis” Harkimo (liik) inquired whether Fortum’s board and CEO enjoyed the trust of the state owner after the Uniper mess.

“The time will surely come when this laundry will be done, and it must be done thoroughly. Responsibility will most certainly be shown, and responsibility must be borne. As Minister of Ownership, I have taken responsibility for the fact that Fortum’s board has been aware of the will of the state’s majority owner when negotiations have taken place regarding Uniper,” Tuppurainen answered.

According to him, the message has been that Fortum does not want to capitalize Uniper any more and that the state owner will not capitalize Fortum. In addition, the condition has been that the financing of eight billion, four billion in loans and four billion in guarantees, given by Fortum at the beginning of the year, will be returned to Fortum, Tuppurainen said.

When the marginal conditions were known to the company, a solution was announced on Wednesday, in which Germany will be the one to capitalize Uniper, the minister sums up.

“Germany is the one covering these losses. However, as a result of this, Fortum’s shareholding is also diluted and this results in accounting losses. This is an unfortunate reality. This laundry will be washed in time, but this stabilization package still needs to be implemented. It is supposed to be done this year. Now we have to make sure that Fortum is able to complete this matter in all situations.”

Zyskowicz: Fortum’s management is responsible

Also a conkar representative of the opposition party kokoumus Ben Zyskowicz surprised that next spring the Fortum board cannot continue in its current form after Fortum’s executive management and board made a loss of 6,000 million euros to its owners.

“This is a fact. Now Fortum’s management explains in public that their strategy was not war-proof. This is not a fact. Russia could have reduced its gas exports to Germany even without the war. There were already sanctions caused by the occupation of Crimea and related counter-sanctions. What would have prevented Russia from strengthening its counter-sanctions even without a war?” Zyskowicz pointed out.

Already on Wednesday, Zyskowicz brought up the result or out line of the business world in the parliament. He emphasized that Fortum’s management and board are responsible.

“Now politicians are being blamed. Citizens think that politicians have caused and done these damages. Well, it isn’t. Neither Minister Tuppurainen nor Minister Marin, nor Minister Lintilä nor Minister Sipilä. Fortum’s management and board of directors are responsible. Politicians can’t even do this kind of individual damage, yes, it requires company management, but the politicians clean up the tracks, and the people pay.”

Tuppurainen stated during question time that the roots of the story go back to 2017, when Fortum’s management at the time decided to acquire Uniper shares. Now the investment decision has turned out to be a “terrible mistake”, Tuppurainen described.

“Now this stabilization package is important to implement. When we prepare for next spring’s general meeting, you can be sure that the state owner will influence the nomination committee, so that the state owner’s voice will also be heard at the general meeting,” Tuppurainen declared.

By Editor

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