Category Archives: investors

Finnish pension millions invested in questionable companies: Valkee, uBiome, Ductor &Co.

The earlight maker Valkee Ltd has caused much anger here in Finland for wasting millions of tax money. The money was channeled through TEKES, the “Finnish Funding Agency for Innovation“. The number is usually named as ca. 2,5 million Euro. But that’s only the beginning.

The main “private” investor in Valkee, as opposed to the public, was LifeLine Ventures, by its founding partners Timo Ahopelto and Petteri Koponen. Millions of its funds went into the earlight. TEKES has given an extra 3 million € for the first fund in question. A considerable portion of that has to be added to public funds wasted for the scam.

from the TEKES website: its "best funds"

from the TEKES website: its “best funds”

Additionally, the LifeLine funds got millions from Mutual Pension Insurance Ilmarinen, the biggest pension insurance company in Finland with over 500.000 insured. Starting with nearly a million € in 2012, when the LifeLine fund was opened, its stake has risen to nearly 4 M€ in Ilmarinen’s 2015 balance (PDF, p. 102).

from Ilmarinen's 2015 balance

from Ilmarinen’s 2015 balance

In Finland, one pays pension insurance directly from the pay check, every month. At the moment, it’s 5,7% for workers under 53 years, and 7,2% for the older. So Valkee has not only burned tax money, but also pension funds.

valkeestreamofmoney

There’s good reason to look, what other companies LifeLine has invested in. Besides taxes, who would give pension funds for questionable activities?

Hopefully, the following list is not representative.

 

Ductor

Ductor Ltd promises to help solving the world’s energy problems by making available up to 100% of chicken poop for biogas production (short description). It is marketing itself even as the new Nokia. Not making this up!

Its Board of Directors has caused considerable irritation. It consists of three persons:

  1. Ductor’s CEO and founder Ari Ketola, a former textile trader;
  2. the “prophet of GodVeikko Latvala;
  3. Timo Ahopelto from LifeLine Ventures.

They present the ownership: Ketola 50%, Latvala 33%, LifeLine 16% (numbers from 2015).

The Book of Veikko. - Jesus!!

The Book of Veikko. – Jesus!!

Ketola is a follower of the “Prophet” Latvala, he praises him as his mentor, having “this gift of mercy last twenty years”(sic!). Latvala briefly became known in the western world, thx to Fox News, for claims he’d cracked the code of the world-famous Voynich manuscript with the help of God. It turned out to be bogus, as prophecies usually do. He said the EU would end in 2014, but to my knowledge, it’s still around. (Btw, is it?)

Maybe found in Voynich's

Bacteria from Voynich’s?

The business idea came from a tête-à-tête with his prophet, Ketola says. The right bacteria needed for the process was found straight away, when Ductor started. He doesn’t tell if God helped with that, also. An ex-manager, who left Ductor in 2015, described the company leaders as completely incompetent. That would fit.

So far, Ductor has made millions of loss and 4 contracts in Germany. It is unknown whether their plant add-ons will work in real world settings.

Update Feb 2017: The opening of the first german plant was delayed twice, and mentions have disappeared from Ductor’s website.

May a little prayer help? – More soon…

 

uBiome

Another LifeLine investment concerned with feces is uBiome “from the Valley”, as Ahopelto calls it. It sells test kits in which you can fill in poop (for $89) or swab mouth and private parts (for $399). The samples are then screened for the different bacteria they contain. There isn’t much to learn from this for the user, the results are meaningless – unless, one day, somebody finds out.

Apologies for this one.

Apologies for this one.

In a cool twist, uBiome promises to be that somebody. If just enough people buy their test kits – and/or enough money is thrown at them – there may be results to tackle mankind’s worst killers.

For example, with 500 people, uBiome will be able to answer questions about (…) diabetes and hypertension. With 2,500, the project can investigate connections to breast cancer. With 50,000 people, the project can begin to address multiple sclerosis and leukemia

Promising too much, at the very least. Some may smell a scam herein. uBiome calls their efforts “citizen science” and has defended its lack of institutional (scientific/ethics) control, blaming the science community as old-fashioned, building obstacles for projects like theirs.

These are basically the same conspiracy theories, which Ahopelto used to defend Valkee Ltd.

 

ZenRobotics

ZenRobotics makes AI-powered robots sorting waste. I’m naming it, because it’s been one of Ahopelto’s favorites for years. Unfortunately, it made more than 13 million € loss so far, i.e. all invested money. Sales go on, although they had to admit at one point that their robot simply “did not work“.

ZenRobotics revenue and balance

ZenRobotics revenue and balance

The firm will exist as long as investments flow, or how their website puts it:

zenroboticsslogan

Join us – we’ll be the last to go.

 

If there is money to be spent, it will be spent. Sometimes at all cost. More scrutiny on how it seeps away is warranted, especially when public money and pension funds are at stake.

/-Ed.

Conflict of interest: Timo Ahopelto has made malicious and obviously false statements about me at some occasions. May the reader decide, but I am digging into facts here.

The 3rd Relaunch of the Valkee Scam: “SummerLight”!

With worldwide sales nearing zero, the finnish earlight maker Valkee Ltd undertakes the next (and probably last) “relaunch” of its 10 year-old scam. The product is now called SummerLight. The accompanying website summerlight.com is a shady copy of the previous humancharger.com fraud.

valkee-summerlight-therapy-deviceNo further comment needed.

Update: Valkee’s scam sites won’t open w/ earlightswindle.com referrers. They also block me on Twitter. OMG. OMG!!1!

Valkee Ltd, Elisa Oyj and TEKES: Good Old Boys at Work

Valkee Ltd’s previous CEO Pekka Somerto has a new job, he tells at LinkedIn: Business Development Director at Elisa Oyj, a major finnish operator traded at the Helsinki stock exchange.

I won’t again talk about what I call his competitive relation with the truth, which he has publicly demonstrated at several occasions. I am just wondering how they took into account his performance as CEO of Valkee Ltd. Here the figure for his tenure, quite exactly that specific interval.

Valkee results in Pekka's tenure

Nothing against the new job. He is qualified. But at Elisa’s board of directors is Petteri Koponen. In the specific sub-commitee he is responsible for recruitment to the leading posts in the Corporation.

Koponen is founding partner of LifeLine Ventures, together with Timo Ahopelto, Valkee’s chairman. LifeLine is the lead investor in Valkee.

Ahopelto again is at the board of the tax-funded TEKES agency. And the biggest single Investment of TEKES goes into … LifeLine Ventures. As well as most of it investments. TEKES again has poured millions into Valkee.

Corporate governance, Finland style.

***

Personal note: To my knowledge, Valkee’s leaders have told investors and others, that I am a malicious person with an agenda to bring down Valkee. I may advise Elisa Oyj to look rather at the company turned down by a blogger, not at the blogger who turned the company down.

I have no specific hatred towards Somerto.

 

 

Valkee’s chairman joining antivax conspiracists?

Valkee Ltd’s chairman Timo Ahopelto has often been reluctant to give interviews to critical, or un-bribed reporters. The finnish SEURA magazine tried to get an interview last year, but he refused for many weeks. Finally Ahopelto agreed to answer questions, which he approved beforehand. Here is what he said about the faulty scientific base for Valkee’s claims:

“In Finland, there are also doctors who want everybody to be vaccinated against influenza. Others think nobody should be vaccinated, and then there’s everything in between. In science, it takes time to find the final truth and get it accepted. Things get either rejected or accepted at a certain time. For Valkee, the talk in Finland is not very important. Here’s 5 million people, but the world has 8 billions.”

In Finnish:

”Onhan Suomessa lääkäreitäkin, joiden mielestä kaikkien pitäisi ottaa influenssarokote, toisten mielestä kenenkään ei pitäisi ottaa, ja kaikkea siltä väliltä. Tieteessä lopullisen totuuden löytäminen ja hyväksytyksi saattaminen vie aikaa; asiat joko hylätään tai hyväksytään tietyssä vaiheessa. Valkeen kannalta suomalainen keskustelu ei ole kovin merkityksellinen. Täällä on 5 miljoonaa ihmistä, ja maailmassa on 8 miljardia.”

 

Ahopelto has defended Valkee’s actions with conspiracy theories before. For finnish readers, the SEURA article is worth a read. An important piece about probably corruptive practices in TEKES. — However, stay tuned for Monday, April 4th.

April 1st – with a serious background

Many thanks to all concerned visitors who wondered about the re-direct to Valkee.com. I had prepared a stricter version with technical details, but I will leave it at that. I accidentally found a new unbelievable piece for the Valkee saga. I am checking this out at the moment and will not waste time.

So stay tuned – this is also meant for the snail media writers who regularly visit me and my twitter account for lame articles of theirs. I am serious about this one.

However, although Valkee Ltd did not seize earlightswindle.com, it still is squatting a large number of such domains, for instance earlightswindle.net and .info. Whois it?

Domain Name: EARLIGHTSWINDLE.INFO
Domain ID: D51708183-LRMS
Referral URL: http://www.joker.com
Updated Date: 2015-01-19T07:15:36Z
Creation Date: 2014-02-17T11:36:28Z
Registry Expiry Date: 2017-02-17T11:36:28Z
Sponsoring Registrar: CSL Computer Service Langenbach GmbH d/b/a joker.com
Sponsoring Registrar IANA ID: 113
Domain Status: clientTransferProhibited https://icann.org/epp#clientTransferProhibited
Registrant ID: CAFI-397749
Registrant Name: - -
Registrant Organization: Valkee Oy
Registrant Street: Elektroniikkatie 5
Registrant City: Oulu
Registrant Postal Code: 90590
Registrant Country: FI
Registrant Phone: +358.404554331
Registrant Email: 
Admin ID: CAFI-397748
Admin Name: Juuso Nissila
Admin Organization: Valkee Oy
Admin Street: Elektroniikkatie 4
Admin City: Oulu
Admin Postal Code: 90590
Admin Country: FI
Admin Phone: +358.407019897
Admin Email: 
Tech ID: CAFI-397748
Tech Name: Juuso Nissila
Tech Organization: Valkee Oy
Tech Street: Elektroniikkatie 4
Tech City: Oulu
Tech Postal Code: 90590
Tech Country: FI
Tech Phone: +358.407019897
Tech Email: 
Billing ID: CAFI-397748
Billing Name: Juuso Nissila
Billing Organization: Valkee Oy
Billing Street: Elektroniikkatie 4
Billing City: Oulu
Billing Postal Code: 90590
Billing Country: FI
Billing Phone: +358.407019897
Billing Email: 
Name Server: B.NS.JOKER.COM
Name Server: C.NS.JOKER.COM
Name Server: A.NS.JOKER.COM

So that’s where the money goes. CU soon!

New placebo-controlled, buried Valkee trial identified (X-mas special 3)

Dozens of hilarious details about Valkee Ltd’s HumanCharger scam go untold because they don’t warrant a full blog post. As a Christmas present, here are some of such pearls.

My deepest apologies. We misrepresented a clinical study in our YLE MOT TV program, and so did all those people after us, who reviewed Valkee’s stuff systematically. We were mislead by the company, but that’s no excuse.

The critical point with Valkee’s earlight is the obvious lack of placebo-controlled studies for the claims in Seasonal Affective Disorder. Valkee Ltd told it’s easy, and they will come up with great results. They never did.

We do know, however, that they attempted such a study 3 times: One was halted, one is completely buried, and the third showed the device to be non-inferior to placebo by a small margin. This result was falsified then, because it would have obviously stopped the whole scam at once.

Juuso Nissilä of Valkee gave an interview back in 2012.

placebo controlled data surfaced

Unlike other bright light therapies, the Valkee unit has been tested in a placebo-controlled trial. ‘You can’t tell, when it’s in your ears, […], it’s possible to have a placebo,’ Nissilä explained.

The trial, with 26 patients receiving treatment and a control group of 23, showed that depression – […] – decreased when the device was used for 12 minutes per day.

That is, to my knowledge, the halted one with 60 persons to participate. It actually had results which never officially surfaced. Valkee’s then-board member Timo Takala, at the same time “researching” his product, told the reporter it was because of low enrollment. That’s what I remember, this part was not broadcasted.

It fits: They had at least 26+23=49 patients of planned 60 when the data was unblinded to the investigators. That’s to say, the trial was dumped then. When the investigators know such interim results, it cannot be continued anymore.

Valkee initiated the notorious 3-group trial in November 2010 with 90 participants, later to be faked. But the “halted” trial was projected to run through that very same winter. Registered completion was March 2011. That means it was not halted for low enrollment. They could have continued. But they recruited patients for the other and declared the first to be failed. Entry criteria and study design were the same.

I won’t comment any longer, it would be too speculative. The real reasons for disrupting the placebo-controlled trial are unknown. Nissilä’s comment reads to me like “symptoms decreased in both groups”, i.e. placebo performed as well as earlight. The similar result as in all other placebo-controlled tests.

Once again, crucial placebo-controlled results remain buried by Valkee Ltd. WHY?
(Ok, that’s pathetic to ask.)

The Christmas Special continues tomorrow. Stay tuned!

Earlight revenue implodes further, Valkee receives audit warning: The 2014/2015 Balance

Valkee Ltd, the maker of the earlight headset called HumanCharger or Valkee 2, has published its 2014-2015 balance as required by finnish law. The good news for the company: Loss per fiscal year is down from 2,9 M€ to 2,3 million.

The bad news: That’s because the turnover fell again by 40% from 3/2014 to 2/2015 . The earlight made only 654.000€ last year. 2013 revenue was still 1.080.000€, 2012 nearly 2 million. Valkee shrunk by 2/3 in 2 years.

Traditionally, earlightswindle.com makes the balance freely available. Here it is:

Valkee Ltd balance Mar 2014 – Feb 2015

 It is an absolutely catastrophic result. Debt to institutional creditors alone is 1,650 million, 500.000€ was a convertible bond for (quote) “a very serious economic reason”. Cash flow is less than 600.000€: From 7,3 million invested 6,7 million are burned.

I don’t comment any further, see for yourselves. One thing is worth noting: The auditor of Ernst&Young remarked that the balance is problematic, because the development costs are partially booked on the +side. Actually, this is burned money, which will not be recovered with future sales. Recalculate with this in mind, the balance would be a crazy  3 million less than it shows now.

The auditor did not want to sign this without an explicit warning. Interestingly, this is what one commentor predicted last year on this blog, when earlightswindle.com broke the news about Valkee’s nose-dive.

U.S. FDA refused import of Valkee HumanCharger devices

Valkee Ltd now began the third launch of their product – the second relaunch of the LED headset – with its new target North America. But: How could the mighty U.S. Food and Drug Administration (FDA) allow such a scam device onto the market?

It turns out, they didn’t. The FDA had refused the Valkee “HumanCharger” import into the U.S.A. earlier this year. For a number of reasons, mainly misbranding.

fda-refusal

UPDATE 7/2017:
The FDA changed its code, the document can be found clicking the link above and then
Feb > 2015 > Country: Finland. [screenshot]refusal-valkee-fda

 

There are several ways to get “approved” by the FDA, depending on the classification. Valkee’s HumanCharger got no 510(k) clearance, and certainly not a Premarket Approval (PMA), for which one must present sufficient clinical trial data.

It is not listed as approved with the FDA (the listings here) in any possible way. [- If any reader has additional information, please let us know. -]

That, however, does not mean it is sold illegally. Many light therapy devices, for example such for cosmetic uses, are exempt from FDA regulation. Then they can’t make relevant medical claims. That’s exactly what Valkee Ltd demonstrates: The device is sold as a lifestyle – weight loss aid – sleep promoter – energy booster. Just typical scam claims. It may work on tech people who are prone to fall for such innovations.

as jet-lag cure ...

Valkee does not need any research staff for this strategy, the marketing trial being published. So the company fired its Research Manager Heidi Jurvelin, the Research and Science Liaison Manager Melanie Rueger PhD, sales people, and replaced the CEO Pekka Somerto with Aki Backman. (Jurvelin and others now appear at Valkee’s sister project JouZen Oy  aka OURA, fulfilling predictions by the social media influencer Vesa Linja-aho: Valkee scales down to a sales bureau, and JouZen takes over.)

The new course is set. Personally, I would miss this absurd tale when it came to an abrupt end, now as they finally seem to stop scamming of sick people and look for the too-healthy jet-set clients. However, it does not look good for Valkee Ltd. There are many wonder treatments for jet lag already.

 

***

p.s. at least left Valkee

  • Heidi Jurvelin (to JouZen/Oura)
  • Melanie Rueger
  • Tuukka Josefsson
  • Tero Vallius (to JouZen/Oura)
  • Jonna Muurinen

 

Valkee Ltd vs. Earlightswindle.com: Shutdown Attempt, Legal Action Fails (2. update & document)

The finnish earlight seller Valkee Ltd. sent forth lawyers and tried to misuse police force in a failed attempt to silence this website, which is criticizing the company’s practices. The prosecution was stopped now by the officials, declaring there has been no wrongdoing.

The full document set is not yet available to the public, because it may still be sealed by the authorities. However, according to Finland’s laws on Freedom of Information, after any investigation the material shall be in the public domain. Earlightswindle.com tries to get the scans as soon as they become available. By now it can only describe and cite without revealing the acting persons’ names. It shouldn’t be so hard to guess. See update section below.

 

Behind the scenes

Valkee Ltd demanded to close this website within weeks of its establishment in late 2012. Until then, the critical view on the once-applauded, self-declared startup firm had less than 50 visitors. The first deadlines set by Valkee’s board expired without effect.

valkee-letter-2013

Strangely, all communication was sent to a certain person which Valkee claims to be behind this project. There’s never been any message to the e-mail address given for this purpose from the very first day. They did not demand factual corrections. Instead, the earlight firm made clear that this website had to disappear before it could be noticed by the general public.

The successive additions to earlightswindle.com during 2013 coincided with Valkee’s problems after reports by a now-critical mainstream press, and the widely recognized 2012 FlimFlam award. Social media picked up the Valkee story in August 2013, overshadowing the launch of the Valkee 2 device. The company had a defensive reply attached to its most important campaign in years. A catastrophic event in marketing terms, followed by the even more devastating independent trial countering their 2013 Christmas campaign. Something had to be done.

 

Police is called in

A Valkee representant made a complaint to the finnish police in January 2014. Earlightswindle.com was said to cause massive damage to the company. The person they made responsible should be punished, and convicted to pay compensation.

In May 2014, a renewed complaint came in. Valkee saw this site as a vital threat to its operations and shareholders. It urged the officers to act immediately, because now a twitter account EarLightSwindle existed, making the information available to an even bigger audience.


Warning: Clicking this is hurting Valkee (says Valkee).

lawsuit2-4[1]

(update: p.4 of complaint no.2, Valkee’s CEO said this post to be a pure canard. OMD)

Legal grounds

Finnish libel law only covers insults against persons. It rules out punishment for criticism made about one’s business, or science. But there is a foxhole: If the criticism is too sharp, and may directly harm a specific person, it leads to prosecution. Such cases went through the High Court with considerable sentences. The criticism on this site is extreme, and the things told here are likely to hurt persons involved. Yet, it had to be false and mendacious. The truth cannot be unlawful.

  • First, [X] declared to be Valkee in person (“Valkee henkilöityneenä”). Everything said about the company would mean him, because he was speaking for it on countless occasions, and is presumed to be its face.
  • Second, criticism of his work would ruin his career as a researcher.
  • Third, authorities had never investigated Valkee for fraud or anything else, and therefore it cannot be called a scam.

Would that have gone through, it would have enormous impact on free speech in Finland: It would be a punishable offence to use the word swindle, scam, hoax (“huijaus”) without a court decision.

480px-Free-speech-flag

Unthinkable? Not for Valkee, the innovative young firm from Oulu Helsinki.

Fortunately, earlightswindle.com is in English and made for an English-speaking audience. The U.S. Food and Drug Administration defines a health fraud scam as:

products that claim to prevent, treat, or cure diseases or other health conditions, but are not proven safe and effective for those uses.

Valkee Ltd has sold, or is selling, the earlight devices for

  • Migraine
  • Shift work disorder
  • circadian rythm shifting
  • optimizing cognitive performance
  • Bipolar Disorder (!!), and
  • Seasonal Affective Disorder.

It has no accepted evidence for any of those claims. It has only an approval for SAD. So Valkee is per definitionem a scam, or health fraud, or however one may call this. Practically, and in legal terms. The FDA exculpates that fully, without any need to explain, or to understand scientific details.

 

Closing the case

After one year, the officers working on the case and the prosecutor made the decision to end the investigation, because it is highly unlikely to lead to a conviction under these circumstances. There has been no wrongdoing. Valkee has left only the possibility to call on a civil court. The chances to win the facts are near zero, after it was made clear that nothing unlawful happened. But the company has money left. It would not surprise if they make a last stand.

The important message is, that here is no slander, no lies, no defamation. Don’t expect Valkee to accept that. Be sure, Valkee will not be prosecuted for … at least not for their false claims about earlightswindle.com.

 

Some words in private

This thing has caused me sleepless nights, as you may understand. Not so much because of the criminal case in itself – the website was considered court-proof from the beginning simple because of its factual correctness. It shocked me, after all I’ve seen from Valkee, that they are willing to misuse authorities and to mislead them with such bogus claims.

Oskari Onninen seems to be correct when he notices:

This is Valkee, a company of two truths. One the company’s own, the other the outside world’s. Comparing them is like reading Russia Today and the New York Times at the same time and trying to assess whether Vladimir Putin is a good guy or a crook.

And if a Valkee-truth is collided with another truth, the company is instantly at your throat.

The original, 50+ pages lawsuit material contains absolutely incredible misconceptions, false translations and awesome claims by Valkee. This post may be updated with that if readers wish so.

I never told about these Valkee activities before, though I know that “the Internet” hates such commercial censorship. I was just so fed up with the evil. On the other hand, the finnish scam company knew what they were taking on. They knew it would become public one way or the other.

Now I need some time out.

CU./-ed.


UPDATE 2.4.2015:

Mr [X], who filed the complaint for Valkee Ltd, did not want the documents online – for personal reasons, he said. Fine with me, although disappointing for some readers: Saves time and money. His decision demands no comment.

I have the complaint scans here, and if someone wants them, you’re free to check it, if you don’t put them online. I gave my word.

Then I discovered, that Valkee’s PR-mistress kittikatti alias Christina Forsgard was retweeting foul and despicable claims about me to over 6.600 persons. These may not be aware of the role she played in the scandal.

forsgard-crackpot

– The prosecutor would’ve had stopped the investigation because only a fine (= and no jail term) was to be expected. As if our “too liberal justice system” prevented a conviction. Absolutely awful. Just think a moment: If that would be a reason for stopping, how could anybody be fined at all in Finland? Forsgard must have known that this is rubbish.

– The prosecutor’s decision would not tell, if there had been a crime or not.

– The prosecutor would have looked, if I did harm to [X]’s family. This is an extremely abject claim, and there was not a single word about this even in the complaints. Of course the prosecutor didn’t check this. Unbearable.

So here is the prosecutor’s decision in full. See for yourselves.

 prosec000  prosec001  prosec003

 “… THE CASE:

[X] is suspecting [Ed.] to have committed defamation by making untrue claims and hints about Valkee Ltd. and [X] on the website earlightswindle.com. [Ed.] is also suspected to have maintained the website korvavalohuijaus.com, where also Valkee Ltd’s earlight device was criticised. [Ed.] had also given an interview in the YLE TV program MOT: The Earlight Tale. (…)

GROUNDS:

(…) the investigation shall be stopped on grounds of the crimes’ negligibility, because the prosecutor would not be able to bring a charge. Also, there is no important public or private interest in bringing a charge.

(…processual law tells, that) the official prosecutor may abstain from bringing a charge, if the expected sentence is no more than a fine… or if the crime can be seen as negligible.”

It tells, that the prosecutor is allowed to drop charges, if no more than a fine is expected. Only then. This is not the reason, this is the condition for stopping.

The next paragraph cites the defamation chapter of finnish penal law, and that criticism of one’s business, science, politics, etc. is not libel, if it can be seen as acceptable. As I told in the post above.

“In the present case, [Ed.] has criticised the company founded by [X] and the device which is developed and manufactured by them. Therefore his criticism is about business and science. It is a new product, about which absolutely no independent study results are available. [not true, /-Ed.]

Taking into account the newness of the device and the method, and the lack of evidence, it is understandable that it is met also with fierce criticism.

The vast majority of [Ed.s] claims are about the efficacy of the device produced by the company and its possible benefits for users. That is criticism related to business and science. For that, the criteria of defamation according to penal law are not fulfilled. Even if some of the claims would be false, these would be negligible. [Ed.s] claims and his criticism of Valkee Ltd. and [X] do not exceed the acceptable.”

Then the points of the 2 leading GROUNDS paragraphs are affirmed.

For those who are familiar with finnish lawsuits, the prosecutor is going very, very far, as he can, in making clear that there is nothing punishable. The statement even rules out that charges could be brought for other claims.

The text even tells, that it is OK to criticise Valkee Ltd, because there is no accepted evidence. Thanks for that nice feature, Mr Pyykönen!

It is absolutely disgusting to see, how Valkee’s PR people work. Making statements for those, who do not check the facts anyway. Or for those, who aren’t aware that Valkee’s words always have to be checked. They are seldom true.

FYI: Valkee Ltd told it has nothing to do with that lawsuit. Ok. Readers know by now, that everything written here is provable and correct. Just because lawsuits are expected. QED. I see this as a nice joke, and there is no need to answer that nonsense defense.

Follow the money: How Valkee’s leaders are cashing in

Personal tax data is public in Finland. Tax offices have terminals where the data can be viewed easily. The screens look like this:

somerto-screen-2012

Screenshots are on file for all of the following. Numbers rounded to x1000€. The mean wage in Finland is 3.200, and at the median 2.900 Euro monthly.

 

Pekka Somerto, CEO

2013: 226.000 Euro (18.800€/month)

2012: 355.000 Euro (29.500€/month)

Joined Valkee in January 2012. The extraordinary 2012 sum may partially stem from a “golden handshake” from Nokia, his former employer. The typical way to get rid off such high cost managers. Somerto made 242.000 in 2011.

Somerto is paid like CEOs of companies listed at the Helsinki stock exchange. With that kind of firm. The finnish prime minister Alexander Stubb gets about 11.000€/month.

 

Juuso Nissilä, CSO

2013: 94.000 Euro (7.800€/month)

2012: 76.000 Euro (6.300€/month)

2011: 79.000 Euro (6.600€/month)

Nissilä was asked on Radio Helsinki, how much he’s cashing in. He refused to answer. He’d just posed with a new car on facebook. No further questions.

 

Aki Backman, CTO

2013: 107.000 Euro (8.900€/month)

A Chief Technology Officer for this product. With such a pay check.

 

Antti Aunio, CTO (-2012)

2012: 83.000 Euro (6.900€/month)

2011: 84.000 Euro (7.000€/month)

Valkee’s co-founder has left, which clearly downed his income: To 58.000 in 2013.

 

Timo Ahopelto, Chairman

2013: 82.000 Euro (6.800€/month)

2012: 68.000 Euro (5.700€/month)

The LifeLine Ventures investor gets the smallest pay check – from his Finland activities.

 

Overview for direct links (pure numbers, avoiding my comments):

valkee-cxo-income

 Note that Valkee is steadily losing ground, making losses for years, and exists on tax and investors’ money.

***

In the meantime, the company tells about a journal publication which was portrayed already here. Of course it’s foul. I will not explain it again. The journal has a problem now, as have the authors.

For those who aren’t familiar with clinical studies: Professor Timo Partonen, head of the mood disorder department at the finnish Institute for Health and Welfare (THL) and a world-leading expert for Seasonal Affective Disorder, commented on that study

[this is] scientific misconduct.

Partonen is, amongst many other tasks, editor-in-chief of the Annals of Medicine.