Luxury yacht destroyed in fire, owner denied insurance payout over fraud

A luxury yacht worth an estimated €1.8 million burned and sank off Tallinn in July 2022, leading to a legal dispute over insurance claims that exposed alleged financial misconduct, according to a May 2026 ruling by Helsinki District Court.

The vessel, named Hooligan, was owned by a company whose largest shareholder is a Finnish man long resident abroad with business interests in Finland and Estonia. However, the yacht was used by businessman Rami Virtanen, a relative of the shareholder, who has multiple prior convictions.

The company owning the yacht sought approximately €1.2 million in insurance compensation, but the court denied the claim, ruling that the insurance policy was obtained “fraudulently” and thus invalid. The court found it more likely that Virtanen, not his relative, was the true controlling party behind the yacht-owning company, with ownership concealed through a straw-man arrangement.

The district court’s decision is not yet final and may be appealed. Virtanen, who has been convicted of several financial crimes and faces outstanding debts exceeding €1.3 million, has also had assets worth over €3 million seized in connection with suspicions of aggravated debtor fraud and dishonesty between 2014 and 2024.

In its ruling, the court noted that Virtanen’s relative had lived abroad for nearly 50 years and had limited knowledge of the business operations in Finland and Estonia, while Virtanen was the operational figure behind the companies. The court concluded that Virtanen had transferred assets to his relative’s name to shield them from creditors, likely due to his personal bankruptcy in Estonia in 2016 and ongoing criminal cases.

Virtanen, who is also facing charges related to the collapse of the Icon real estate fund—with 4,400 claimants—has denied involvement with the yacht. In a message to Yle, he accused the outlet of lying and distorting facts, stating he would not comment further. Authorities have previously been unable to serve him with legal notices in other cases.