Finnish Podcast Explores Fortum's Billion-Euro Blunder and Lack of Accountability

A new five-part podcast series, "Lost Billions," is delving into the reasons behind Fortum's costly Uniper acquisition, which resulted in a financial loss greater than Finland's entire Winter War.

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Check in a year if anyone gets fired.

Journalist Tuomas Peltomäki and economics reporter Alex af Heurlin host the podcast, exploring why no one was held accountable for the massive financial blunder. They observe a pattern in Finland where major failures, from Pisa test score drops to Nokia's decline, are often attributed to no one, with those in charge seeming to view themselves as victims despite high salaries.

The podcast traces Fortum's involvement in the gas trade between Germany and Russia, which led to billions of euros disappearing when Russia used gas as a leverage tool against Europe. Peltomäki questions who bore responsibility and whether proper contingency plans were in place, drawing parallels to how natural disasters are sometimes perceived as unavoidable forces.

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That pancakes just somehow happen. People who are responsible for things on paper seem to think themselves that they are victims here.

"Lost Billions" takes listeners into the upper echelons of Finnish business, examining the roles of CEOs, boards, and regulatory officials. The series aims to be engaging for those not deeply familiar with international energy markets or corporate power dynamics, framing the economic disaster as a compelling mystery.

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Yet many of them are paid fabulous sums precisely for not being caught with their pants down like any ordinary guy from Itä-Vantaa.

The podcast is available on the Helsingin Sanomat app.

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It's an economics podcast and it deals with an economic disaster. Still, I tried to make the podcast so that the listener doesn't have to be particularly interested in international energy business or the intricacies of stock company power, but the podcast is fun, and strange, and even though it deals with economics, it's more like a murder mystery.