Unrelated Cases of Ambiguity: Oma-säästöpanki Addresses Gross Embezzlement and Profit Warning
Oma-säästöpanki, a financial institution in Southern Ostrobothnia, has faced two cases of ambiguity within a short timeframe. The latest incident involved the uncovering of a suspected gross embezzlement that lasted for years, resulting in approximately EUR 150,000 worth of damage. The former employee responsible for the crimes was charged with gross embezzlement and forgery in the district court of Southern Ostrobothnia.
The bank’s CEO, Pasi Sydänlammi, revealed that these abuses were discovered through internal control processes in October. However, it is important to note that this case is unrelated to the profit warning issued earlier due to a breach of the bank’s lending guidelines, resulting in a EUR 19.5 million provision in the first quarter’s result. This incident caused the bank’s stock to drop by over 14% on the Helsinki stock exchange.
Despite ongoing legal proceedings, CEO Sydänlammi emphasized that both cases are unrelated and should not be viewed as an indication of any broader issues with the bank’s operations or financial health. In fact, he clarified that Oma-säästöpanki is expected to provide more insight into their credit risks when they release their first-quarter interim report. This will end the quiet period before the earnings announcement and allow for further clarification on the bank’s financial state.
