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Home BUSINESSPreparations for Finnish gambling operators' merger to begin
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Sun, 20 Sep, 2015 02:03:38 AM
FTimes Report, Sep 20

The Ministerial Committee on Economic Policy on 17 September approved proposals for the merger of the three Finnish gambling operators—Fintoto Oy, Veikkaus Oy and Finland’s Slot Machine Association (RAY).

The Ministry of the Interior will start drafting the legislation without delay, according to a press release issued by the Government Communications Department.

The aim is to strengthen the Finnish gambling monopoly by establishing a single, wholly state-owned company to operate gambling in the country.

The gambling operators, beneficiaries and competent authorities have drawn up a memorandum of understanding for the implementation of the merger.

The first step will be to set up a temporary integration company to prepare the merger. The company's board of directors will have six members.

The chair and two members of the board will be appointed by the Government, and each gambling operator will appoint one board member.

The second step will be to establish a new, wholly state-owned company.

The Government Ownership Steering Department of the Prime Minister's Office will be responsible for implementing the merger in practice together with the gambling operators, said the release.

The Ministry of the Interior will coordinate the project and draft the necessary legislation. The project will be monitored by Parliament.

The assets of the gambling operators have been placed in reserve for use by beneficiaries. The operators' employees and questions relating to beneficiaries will be taken into account when preparing the merger.

The merger is based on a unanimous parliamentary report prepared during the previous government term. 

 

 

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