Finnish investors fear real estate developer may go bust; significant losses loom

Real estate developer Icon fired Managing Director and requested a police investigation of him on grounds of suspected misconduct in his position, writes Finnish financial daily Kauppalehti.


In Finland, more than 3,000 retail and institutional investors are concerned they will not retrieve the funds they invested in the projects of real estate development company Icon Corporation, Finnish financial daily Kauppalehti writes on Thursday.

Icon Corporation has issued loans for its construction projects with a return rate of 6-8 percent. This year, the company reported that paying the return from the loans will be delayed.

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