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Tuesday, 26 October, 2021
Home BUSINESSVarma swindled in real estate transaction
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Mon, 27 Jan, 2014 02:38:04 AM
FTimes-STT Report, January 27
File picture of a real-estate business. Photo Lehtikuva.
Police investigations have revealed that Varmaa insurance company was cheated in paying more than the required value in a real estate transaction .
The report on the MTV web page cited police investigation which were near completion in which Varma was said to have paid a Kajaani-based real estate company 2.2 million EURO in 2006.
It is reported that by that time the actual valuation of the property was EUR 630,000.
The real estate property had signed a ten-year contact, enabling it to transfer it's company pension insurance to Varma.
The real estate property was then sold to CR-Keskus which subsequently filed for bankruptcy in 2008 and as a result Varmaa never accrued any profit from the transaction.
According to the MTV report, the police suspect former owners of committing aggravated fraud.
The police began the investigating the matter last year.
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