Oma-säästöpanki is facing its second case of ambiguity within a short period of time. Firstly, in October 2023, a suspected gross embezzlement that lasted for years was uncovered in the bank. The former employee responsible for the crimes was charged with gross embezzlement and forgery in the district court of Southern Ostrobothnia. This incident resulted in approximately EUR 150,000 worth of damage to the bank.
The bank’s CEO, Pasi Sydänlammi, revealed that the abuses were discovered through internal control processes in October. The background of the suspect was found to have gambling problems. These revelations come shortly after another incident at Oma-säästöpanki where a profit warning was issued due to a breach of the bank’s lending guidelines, resulting in a EUR 19.5 million provision in the first quarter’s result. As a result, the bank’s stock dropped by over 14% on the Helsinki stock exchange.
Despite the ongoing legal proceedings, CEO Sydänlammi clarified that the embezzlement case is unrelated to the profit warning. The bank 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, allowing for further clarification on the bank’s financial state.
In conclusion, Oma-säästöpanki has faced two instances of ambiguity within a short period of time: one involving an alleged gross embezzlement and another involving a profit warning due to lending guidelines breaches. Despite these challenges, CEO Pasi Sydänlammi remains optimistic about Oma-säästöpanki’s future and believes that they will be able to overcome these setbacks with transparency and accountability.
