Icon financial crime trial opens with seven defendants facing 50 charges
Wednesday 26th August 2026 on 09:00 in
Finland
The trial of a wide-ranging financial crime case involving the Icon Group has opened at the Ostrobothnia District Court, Yle reports. Seven people, including senior executives Markus Havulehto and Jari Koskinen, face 50 charges linked to the group’s property investment activities between 2016 and 2019.
The charges include aggravated debtor dishonesty, aggravated accounting offences, aggravated fraud, one aggravated money-laundering charge and aiding the alleged offences. All seven defendants deny the charges.
According to the prosecution, the group collected millions of euros from hundreds of investors for property projects. Some of the funds were transferred to other companies in the group and to people close to its management.
Nearly 370 private individuals and several bankruptcy estates of Icon Group companies are listed as injured parties. Despite their large number, only one injured party appeared to be present at the first hearing.
Two defendants attended the opening hearing in person, while one participated remotely. The seven defendants are required to attend only when they are being heard.
The first day is being used to read the charges, present the case and review the defendants’ responses and written evidence. The defendants are expected to begin giving evidence on Friday.
Proceedings divided into three sections
The case is being heard by two judges. Preparatory hearings were held last spring.
The first section concerns alleged aggravated debtor dishonesty and aggravated accounting offences linked to a property project in Suurpelto, Espoo. It contains 14 charges.
The second section is scheduled to begin at the end of September and will cover alleged irregularities in property transactions in Riihimäki, Vaasa and Helsinki.
The court has set aside 50 hearing days for the case. Proceedings are scheduled to take place three days a week until mid-December and, under current plans, continue for a further eight days in January next year.
One central figure, Rami Virtanen, has not been reached and could not be formally served with the summons. According to Yle’s information, Virtanen is currently in Estonia.