M-real executive vice-president and chief financial officer Veli-Matti Mynttinen said the incident happened before the group bought Zanders from International Paper (PrintWeek, 16 March 2001). Zanders is taking civil and criminal legal measures to secure the return of the lost funds.
The funds were invested by the former employee in pension insurance policies on behalf of unknown private individuals.
The litigation was referred to in M-reals year-end figures for 2001, which saw a 37% fall in net profits, mainly attributable to shutdowns and investment projects at its Kangas and Husum mills.
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"Well done Tom & Co! Great to see you carrying on investing and look forward to seeing the new press when it is in. Thanks for all the work you do for us- always appreciated, Bilty"
"Sorry to read this, a big name to go down, hopefully a lot of the £1.8M was insured. We are recruiting operational staff & currently in-talks to assist the clients with immediate requirements."
"£1.8m !! Very big numbers indeed."
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