It is strange that none of the folks who were responsible for Fortum’s Russian investments have come forward to say sorry. None of them have been removed from their current positions, and they continue, for the most part, to enjoy generous remuneration at other big companies and bodies in various new roles!
The former right-wing government, the former board, and the former top management of Fortum have long since left the company that is now lurching like a capsized boat about to sink with several billions of taxpayers’ current and future cash stuck in the cargo compartment.
The privatisation and sale of the electricity transmission companies between 2011 and 2015, all natural monopolies, to profit hungry investors was the first act of gross dereliction. The crown jewels paid for by consumers was sold at ridiculously low prices – the bankers made huge unearned commissions, and Fortum’s bosses earned big bonuses from “value creation”!
What were the owners, the board, and the supervisory thinking? Obviously not much! That the new investors increased transmission tariffs immediately by 30% to 50% is a tribute to their slyness and damaging evidence of the poor management at Fortum.
With cash in their pockets, Fortum then went on a hunting expedition to buy something that one German company had been trying to sell for years – their toxic exposure to Russian fossil fuels.
Let’s be clear – every Finns knew then (except the former top management and the board at Fortum) that over-reliance on Russian energy is a fool’s game because Putin, then a former KGB and sly Russian leader cannot be trusted. We all know that he has control over energy, construction, banking and politics. We do not give him an inch more control over our lives, but work hard at removing all of his remaining evil influence.
The result of Germany’s policy – NordStream One and Two, and their huge reliance on Russia for energy has now plunged Europe into a disaster zone that has now led Putin to brutally kill tens of thousands of men and women in Ukraine. Nor does care about losing some 50 000 and more of his own young men, so long as he can brag to his girlfriend and Lavrov about how good he has succeeded in ravaging Nazis from Ukraine. He is so much better than Czar Peter – he is a true Rambo hero, one who will soon be standing in front of a war crimes court.
The same folk who have now disappeared from Fortum, who made these decisions, should also be charged with aiding and abetting the Russians in their attack on Europe and on Ukraine.