Lakea residents seek compensation from municipal owners

Residents who lost money in the bankruptcy of property company Lakea are seeking compensation from its municipal owners and are considering suing them, Yle reports.

The residents had signed Omaksi agreements, a rental arrangement that gave them the right to buy their apartments after 20 years. They accuse the municipalities of failing to supervise Lakea properly despite exercising control over the company. They also say the municipalities took dividends while Lakea’s parent company was struggling.

The residents are asking the municipalities to respond in writing to their claims. The number of claims is not yet known, as each Omaksi contract holder can submit an individually prepared demand. The residents’ association had 150 members in the summer, while about 300 people were in a shared WhatsApp group.

Lakea’s owners were municipalities, mainly in Ostrobothnia. The largest shareholders included Seinäjoki, Vaasa, Kokkola and Lapua. Municipal representatives sat on Lakea’s board, which was chaired by Seinäjoki’s mayor.

The residents’ claims cite statements the municipalities made to the Municipal Guarantee Board saying they exercised control over Lakea. The residents argue that this control helped Lakea’s housing companies secure financing from Municipal Finance. They say the municipalities cannot claim control to obtain financing benefits but deny responsibility when residents seek compensation.

Seinäjoki says it has no liability. On Monday, the city’s administrative director, Jari Jokinen, said the city had not received any compensation claims by post, but that its position was clear. He said Seinäjoki had tried to support Lakea by investing more capital and granting a capital loan before the company failed. The other owner municipalities did not agree to provide that support.

Lakea went bankrupt in August 2025. Under the Omaksi arrangement, residents paid an initial reservation fee of 7 per cent of the apartment’s total price, along with maintenance and financing charges. The apartments’ shares remained owned by Lakea but were pledged to the residents. The bankruptcy estate declared the Omaksi contracts terminated in November 2025, leaving residents as tenants.

The Omaksi model was used in 24 housing companies in several Finnish cities. The National Bureau of Investigation is conducting a preliminary review of the criminal case.