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Associations & Foundations / 17 Feb 2016

Borenius successfully defended KY Foundation in a matter concerning the validity of a donation worth EUR 40 million

We successfully defended KY Foundation against Aalto University Student Union’s (“AYY”) claim that the donation made by the Student Union of the Helsinki School of Economics (KY Student Union) to KY Foundation should be declared invalid or, alternatively, that the value of the donated property should be compensated to AYY. AYY argued that the donation was made under circumstances that made it incompatible with honour and good faith to invoke the transaction. The circumstances referred to by AYY mainly relate to the reform of the Finnish university legislation.

Due to the considerable value of the donation, the matter was of great importance to KY Foundation. The case was first of its kind in Finland where a court had to evaluate the validity of a donation made under such circumstances. AYY’s claims were rejected in all instances. The Supreme Court did not grant AYY leave to appeal, and made the judgment of the Court of Appeal final.

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