Omaisuudenhoitoyhtiö Arsenal Oy ("Asset Management Corporation Arsenal") is a bad bank-type corporation founded by the Government of Finland for management of assets received as collateral from bad debt.
[1]) The defaulted debts led to a large amount of property being passed to the government as collateral, with concomitant bankruptcy court cases where the state had an interest.
In 1999, the business managing the real estate collateral was spun off as Kapiteeli Oyj, which was bought by Sponda in 2006.
(Sponda was also founded as a result of the same crisis around real estate and stocks from the collapsed SKOP Bank, but since 2012 has had no government ownership.)
[3] Attorney Kari Uoti accused Arsenal of deliberately undervaluing its assets, which would allow it to post significant apparent profits.