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Court extends €10m asset seizure of troubled psychotherapy firm's founder

A majority of the firm was sold to an investor before a major patient data hacking scandal became public.

Vastaamon logo.
Image: Lehtikuva

Helsinki District Court on Wednesday ordered the seizure of nearly 10 million euros in assets from the former CEO of the Vastaamo psychotherapy company, as well as his parents.

The private mental health services firm found itself at the centre of a hacking and blackmail scandal after it emerged that highly sensitive information on thousands of patients had been stolen from its database.

The founder and former CEO, Ville Tapio's parents also had some of their assets frozen in a temporary seizure order by the court last autumn.

The asset seizure is related to a majority purchase of the company by private equity investor Intera Partners for around 9.9 million euros.

The Tapio family owned the company until it was bought by Helsinki-based private equity firm Intera Partners in May 2019, not long after a second breach of the psychotherapy provider’s data security systems.

Intera Partners petitioned the court to seize the Tapio family's assets via its holding company, PTK Midco.

The holding company alleges that Ville Tapio knew about the data breaches, but kept the information secret from the potential buyer. Tapio has denied this allegation.

PTK Midco contends that no transaction would have taken place if the buyer had been aware of the breaches.

Wednesday's seizure order extension means that the assets will remain frozen until the dispute is resolved.

However an appeal can still be made to reverse the order. The actual dispute is to be resolved later in arbitration.

Vastaamo filed for bankruptcy in February.

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