Sanctions|The city of Helsinki is now planning to set a time limit before which the fate of the Helsinki Hall should be decided or the city will expropriate it.
The summary is made by artificial intelligence and checked by a human.
The city of Helsinki is preparing for the redemption of the Ilmala hall after October.
The city is still working towards the voluntary acquisition of the arena property.
The EU’s exemption from stock trading expired at the end of June.
Sanctions prevent the hall company from paying property maintenance bills.
Helsinki the city is preparing to redeem the Helsinki hall if there is no significant and concrete progress in the voluntary sale during October.
The city’s intention is to set a time limit, after which the hall will be expropriated unless the matter is otherwise resolved by then. The deadline would therefore be in October, but the exact date is not mentioned in the document.
The matter will be discussed at the morning school of the Helsinki City Council on Thursday.
Even still the city’s primary aim is to promote the acquisition of the Helsinki Hall arena property through a voluntary sale.
Undersecretary Jukka-Pekka Ujula says that the city has sent several letters to the owners, but concrete trade negotiations have not been reached.
“There have been no concrete negotiations with the owners”, admits Ujula.
The European Union’s exemption for voluntary share transactions of the holding company expired at the end of June. The city considers that instead of buying the shares, the city could buy the arena property itself.
Halliytiö the main owners, i.e. the Russians Gennady Timchenko and the Rotenberg family are on the international sanctions list because of Russia’s war of aggression in Ukraine.
Due to the sanctions, the hall company is no longer able to pay its mandatory bills related to property maintenance, because the Ministry of Foreign Affairs specified in June that third parties cannot pay them with the exemption granted to the hall company.
The hall’s district heating has already been cut off due to unpaid bills, and on Sunday Helenin Sähköverkkyytiö cut off the electricity.
According to HS’s information, the halliytiö has already been threatened with bankruptcy by payment requests. Any of the creditors could therefore apply for bankruptcy of the holding company.
One of the creditors is the city of Helsinki, which confirmed to HS in mid-August that there is a debt of about 106,000 euros for the ground rent, including late payment interest.
If the city starts the redemption process, the city government makes a separate decision in principle on the matter due to the importance of the matter.
According to the current estimate, the duration of the possible redemption process is probably several years in total and it is not a quick solution to get the arena into use.
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