Finland seizes Russian oligarch's Helsinki arena holdings

Finland’s National Enforcement Authority has confiscated the holdings of the Russian-Finnish oligarch Gennady Timchenko within the former Hartwall Arena.

Timchenko owns about 22.5 % of the multifunctional arena in Pasila, Helsinki. He was the primary Finnish citizen positioned on the EU sanctions record. The worth of his stake within the holding firm was roughly 10 million euros.

Forbes journal has reported Timchenko is one Russia’s richest oligarchs with an estimated web price of 15 billion euros.

Russian-Finnish businessman Roman Rotenberg can be a significant proprietor of the previous Hartwall Arena.

Rotenberg has been positioned on the US sanction record, however as of Wednesday, has not been included on the EU sanctions record. While the US sanctions don’t have any authorized bearing over transactions in Finland, banks keep away from coping with people and firms topic to US sanctions.

Together, Rotenberg and Timchenko personal 44 % of the arena’s holding firm, Helsinki Halli Oy, however their mixed voting energy within the firm accounts for 93.9 %. In addition to Timchenko and Rotenberg, the Finnish Hockey Association owns simply over 13percent of Helsinki Halli. The remaining 42 % is owned by 557 different shareholders.

The National Enforcement Authority refused to simply accept any funds from Timchenko’s Luxembourg-based White Anchor Holding, which has lent cash to the arena’s holding firm.

Timchenko has been a companion within the arena since 2013 and a co-owner of the Helsinki Jokerit from 2013-2019, an ice hockey crew that, till lately, was in Russia’s Kontinental Hockey League underneath his possession.

Up till April 2022, Russian mining and metals conglomerate Norilsk Nickel owned a stake within the crew till former NHL participant and common supervisor Jari Kurri purchased the rest.

Businessman and MP Hjallis Harkimo (MN) offered Hartwall Arena to Timchenko and Rotenberg in 2013 for round 35 million euros.

Yle reported that tens of millions of euros in tax subsidies have flowed into the pockets of Rotenberg and Timchenko, principally from state-funded Covid aid packages.

The arena has been empty because the finish of February, with occasions on the facility cancelled for the remainder of the 12 months.

Former NHL participant Teemu Selänne stated final weekend that he discovered a bunch of traders who could be prepared to purchase the arena.

Due to financial sanctions imposed by the EU, nevertheless, such a transaction might show to be troublesome. Under the Enforcement Act, the proprietor of a seized property can apply to the National Enforcement Authority for permission to promote it. If the allow is granted, the cash from the sale of the property could be taken by the National Enforcement Authority. The proprietor of the confiscated property wouldn’t obtain the cash till the National Enforcement Authority unseized the asset.

Such a process has by no means taken place in Finland and it’s unclear whether or not it will align with EU directives and laws on sanctions.