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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