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Thu, 12 Nov, 2015 02:46:02 AM FTimes- STT Report, Nov 12  Minister for Foreign Trade and Development Lenita Toivakka. File Photo Lehtikuva. Foreign Trade and Development Minister Lenita Toivakka before the start of her ministerial tenure was involved in a share-owning scheme of a shopping centre in Mikkeli through a holding company registered in Belgium, reported the national broadcaster Yle.
According to Yle, the minister admitted that the company was founded in 2007 partly due to tax planning. This was the same year the minister was elected to parliament on a Kansallinen Kokoomus (National Coalition Party) ticket.
Toivakka, however, considers the scheme a normal business practice. She still owns a small portion of the holding company.
The shopping centre is owned by the Toivakka family, the media company Länsi-Savo, and the Laakkonen family investment company.
“When tax planning is done within the extent permitted by the law, then it is quite normal in the business world. The most important thing is to comply with the Finnish law and the European Union legislation,” Toivakka told the news agency STT.
According to the minister, the company was established because the shopping centre was intended to be put up for sale to foreign real estate investors.
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