Oma Säästöpankki Oyj – On Lending Criteria and the Former Deputy CEO's Own Business Dealings
Background
This publication is a continuation of yesterday's publication. You can find yesterday's article at this link. We received a takedown request approximately one hour after publication, which tells us that the phone recording included in the article is not wanted in wider circulation. The recording reveals that hundreds of critical documents have gone missing from Oma Säästöpankki's vaults.
We continue publishing materials related to Oma Säästöpankki. Today, we take a closer look at the collaboration and communications between former Deputy CEO Pasi Turtio and Antti Korpela. At the same time, everyone will see how Oma Säästöpankki's lending criteria actually work — and how, overnight, collateral was adjusted to meet requirements, even though we had expressed that in our view the collateral was insufficient. The bank, however, disagreed, as the enclosed correspondence shows. The total value of the real estate investment company offered to us by Pasi Turtio and Antti Korpela was stated in the documents provided to us at approximately 53 million euros.
In this article, we describe how the entire arrangement began — one that ended with us being interrogated in early November for alleged crimes against the bank. The documents, now also in the possession of the National Bureau of Investigation (KRP), tell an entirely different story.
After reading this, take a moment and consider what must be true about the real state of affairs at Oma Säästöpankki. Here are some questions to reflect on:
- The Finnish Financial Supervisory Authority (Finanssivalvonta) has found nothing to criticise (see further in this article).
- Documents related to lending have gone missing from the bank's vaults (referring to yesterday's recording).
- Does the bank have any capital left at all, or has it already collapsed into the arms of the state without public announcement?
- If you have capital or deposits at Oma Säästöpankki, is your money truly safe — or would it be wise to transfer everything to another bank?
- The bank was used by Teboil, among others.
- The bank has been a financier in numerous Russian-linked real estate projects (including Zsar).
- Based on information we have received outside this article: in the event of the bank's collapse, personal customers will be transferred to S-Pankki, and corporate customers to Nordea or Osuuspankki.
- Deposit insurance covers deposits up to 100,000 euros, but given the bank's size, the deposit guarantee fund would be nowhere near sufficient — the bank would end up in the hands of the state.
- If the bank collapses, all corporate customers' payment traffic will halt temporarily, potentially causing payment delays and, in the worst case, bankruptcies.
In light of all this, it is of course understandable that attempts have been made to cover things up — but the fact that this is being done at the expense of two private individuals is intolerable and deserves public scrutiny. We are publishing all materials precisely for our own protection, and we hope that this will accelerate the handling of all matters concerning our entire family, in every respect.
This publication is also available on the Web Archive: Open here
1. Real Estate Investment Company Sales Efforts by Pasi Turtio and Antti Korpela
1.1 A Unique Opportunity: The Bank Finances It — You Don't Need to Put in Any of Your Own Money
20 October 2021, 17:51 — First Contact
The first documented contact about this real estate investment opportunity was made by Oma Säästöpankki's Deputy CEO Pasi Turtio, via a voice message. You can listen to Pasi's voice message below.
Pasi Turtio's voice message:
Below is also a screenshot of Pasi's WhatsApp message to us following the voice message:
21 October 2021, 14:33 — Email
Pasi sent the following email under his partner John Bisnar's name, but the email address contained Pasi's initials: [email protected].
The email shows that Antti Korpela had sent it to Pasi at the [email protected] address moments earlier, at 14:25.
📄 Download original email (PDF)
It is worth noting that these materials — and even more extensive ones, excluding the voice messages — have been in the possession of the KRP since mid-November. For this reason, we consider it necessary to submit these materials for broader evaluation, to ensure their preservation and potentially accelerate the investigation on these points as well.
Upon receiving the email, we naturally paused for a moment to consider why this material had not come from the bank directly. However, since we default to trusting those in high, responsible positions, we did not think further about it — but we did save the message.
Download the NHI Apartments brochure that was attached to Pasi Turtio's email here: 📄 NHI Apartments Brochure (PDF)
29 March 2022 — Collateral Shortfall
In the intervening period, the deal had progressed and we were on the verge of pulling out of the project, as our company had no available collateral. Turtio confirms this in his message on 29 March 2022 at 14:49:
Market Value of NHI Apartments I Oy
At this point, it is useful to present the market value evaluation of NHI Apartments I Oy as it was shown to us. Based on this — and of course on the bank's surprising discovery of sufficient collateral — we genuinely believed the company to be valuable, since our 10% stake was pledged as security for the 1 million euro loan granted to Minxit Oy. As a general rule, the pledge value of a limited company's shares is 25–30% of their actual value, so we believed the shares being sold to us were worth their stated market value.
For 2022, the market value of the entire company was stated as 50 million euros, which would put the value of our share at roughly 5 million euros.
30 March 2022 — Our Response to the Collateral Shortfall
Our response to Turtio's message was clear — since we had no means to provide additional collateral, we sent the following message to Pasi on 30 March 2022 at 07:12:
To our surprise, Pasi responded already at 08:15, stating that the collateral was now sufficient — meaning over 700,000 euros worth of additional collateral had been found by the bank within 24 hours. We found this somewhat baffling, especially since personal guarantees were never required for any of the loans. Never.
It is important to note that at no point were we informed that Pasi Turtio himself had been a shareholder in the very company he was now selling to us — a company to which Oma Säästöpankki Oyj had already granted a loan exceeding 5 million euros, which according to our information had been used to finance the purchase of privately owned apartments belonging to Pasi Turtio, which were then dumped into NHI Apartments I Oy.
Accordingly, we concluded that since the loan was arranged quickly despite the initial collateral shortfall, we naturally trusted the bank's assessment that the shares pledged as loan security were valuable. However, things turned out differently — as ultimately became clear from the estate administrator's assessment, in which all NHI shares were valued at 0 euros, while at the same time the estate administrator entered into a separate agreement with Oma Säästöpankki to "look after" the NHI shares.
Image from Talouselämä's article, 24 October 2024:
The full Talouselämä article can be found here: Talouselämä 24.10.2024
30 March 2022 — Deal Closed and Payment Made
Turtio's message at 09:28:
The image below shows the payment confirmation for the full purchase price:
More than three years after the fact, it is clear that Turtio was himself a direct beneficiary of the payment made to New House Innovation. Turtio personally initiated the transaction in October 2021, approved loans from Oma Säästöpankki to New House Innovation and NHI Apartments I Oy, and according to Talouselämä's reporting, loans were broadly granted to numerous other companies in the network — companies in which the same individuals appear time and again.
1.2 Hari Karam Oy / Minxit Oy Bankruptcy and the Estate Administrator's Actions
When the company that had purchased the NHI Apartments Oy shares ultimately went bankrupt, a number of things took place that raise serious questions — not only about Oma Säästöpankki, but also about the estate administrator and other parties involved. We hope these questions will concern others as much as they concern us.
In this article, we share only the main outlines of what happened after the bankruptcy filing. We will publish additional materials later.
The most essential point to share is that from the very beginning, we applied for the company to be placed under public administration, due to irregularities that had emerged in the estate management:
Message to the District Court, 29 October 2024
However, the Bankruptcy Ombudsman appointed the same estate administrator — Applex Oy, Leo Lagestam — as the public administrator.
Download the full 22-page PDF submitted to the District Court here: 📄 Statement on Public Administration 29.10.2024 (PDF)
The PDF document reveals the parties' connections to other companies as well.
1.3 Mention of Alexander Stubb Global Oy in Yesterday's Published Phone Recording
The reason we mentioned a board member of Alexander Stubb Global Oy in the phone recording is that Timo Lappi, a board member of Alexander Stubb Global Oy, is a shareholder in numerous companies whose boards also include Jyri Lindén — the business partner of Antti Korpela (New House Innovation Oy, X-Flite Oy). Talouselämä also reported extensively on Lindén's business dealings in their article during week 37, under the headline:
15 million euros and a plot in Helsinki's Lauttasaari — Talouselämä investigated how a banker at Oma Säästöpankki and a group of businessmen ended up buying luxury apartments
Talouselämä investigated the chain of events after which Pasi Turtio, a banker at Oma Säästöpankki, and a group of businessmen acquired multi-million-euro penthouses in Helsinki's Lauttasaari. Behind it lies a series of rapid land and property transactions and a company called Hallon House, established without any share capital.
Talouselämä — Lauttasaari luxury apartments
The chain of connections reaching all the way to Alexander Stubb Global Oy:
Alexander Stubb Global Oy
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Timo Lappi (board member, Alexander Stubb Global Oy)
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Nordic Business Group Oy (Timo Lappi, shareholder, chairman of the board)
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Jyri Lindén (CEO of Nordic Business Group Oy, shareholder of X-Flite Oy)
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Hallon House Oy ◄──── (Jyri Lindén, shareholder of Hallon House Oy), Oma Säästöpankki (€8M company loan)
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Antti Korpela (shareholder, Hallon House Oy, New House Innovation, X-Flite Oy)
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New House Innovation Oy
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Pasi Turtio (shareholder, former board member, former Deputy CEO of Oma SP)
Antti Korpela (shareholder, CEO, etc.)
Images from proff.fi / Asiakastieto as of 9 December 2025, to facilitate documentation of these connections:
Timo Lappi — corporate connections:
Jyri Lindén — corporate connections:
Nordic Business Group — corporate connections:
Links:
Excerpts from the Talouselämä article:
In Closing
In light of all this, the question that must be asked is:
Have the problems at Oma Säästöpankki been covered up because of connections that reach all the way to the highest levels of the Finnish state — connections that are publicly visible?
Would it serve our President's image if a person sitting on the board of his company were linked to Oma Säästöpankki's problems, the KRP's sluggish investigations, and Finanssivalvonta's role in concealing Oma Säästöpankki's true situation?
We will continue publishing additional materials. And as always: the publications are pre-scheduled, in the event that we are unable to publish them ourselves.
This article is also available on the Web Archive. It has also been uploaded to other archive services located in various parts of the world; links to those will be published if necessary.
9 December 2025, Heini and Sami Minkkinen