KEVA asks for investigation of its own board

The board of the Local Government Pensions Institution (KEVA) has asked the Ministry of Finance to investigate the roles of its CEO Markku Kauppinen (Centre), its board, and the chairman of its board when preparations were made for investments, and in decisions linked with the Nova Group.
      The KEVA board met in a telephone conference on Wednesday morning.
      The current chairman of the KEVA board is MP Sampsa Kataja (Nat. Coalition Party) who received money for his election campaign from the Kehittyvien Maakuntien Suomi (KMS) organisation, which has a linkage with KEVA through the Nova Group real estate development company. Kataja was also involved in the previous KEVA board, which decided to agree to a proposal by Kauppinen to invest in a Nova snowmobile factory in Rovaniemi.
     
The Ministry of Finance, which has a supervisory role over KEVA, has already decided to investigate the EUR 20 million in investments made by KEVA in the Nova project.
      Just a week ago, the KEVA board gave its full support to Kauppinen, but now the tone has changed.
      “The board of the pension institution has asked for a report from the supervisory authority because the reports of the Local Government Pensions Institution itself have not restored confidence in it. Suspicions continue to be reported in public against the pensions institution, especially in matters involving the Rovaniemi snowmobile factory deal”, KEVA says in a press release.
     
The KEVA board decided that it would return to the matter and draw the necessary conclusions after it receives the report by the Ministry of Finance and the Financial Supervisory Authority. The ministry has promised to publish the report within two weeks.

More on this subject:
 Four MPs tenants in buildings owned by pension company mired in election finance furore
 NEWS ANALYSIS: What the campaign finance mess is all about
 COMMENTARY: Small country, small explanations

Previously in HS International Edition:
  Municipal pension boss obscured business contacts with Nova Group (22.6.2009)
  Millions in municipal pension funds invested in Nova Group project (19.6.2009)
  BREAKING NEWS: Bankruptcy Ombudsman orders special audit of Nova Group (19.6.2009)