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Ollila and Ehrnrooth fined for concealing Luxembourg investments

Former Nokia CEO Jorma Ollila has been fined for failing to declare a company that he controlled to a public insider register. Another well-known Finnish business mogul, Georg Ehrnrooth, was also fined for not revealing a Luxembourg-based investment firm that he controlled.

Jorma Ollila
Jorma Ollila was interviewed at Yle in December. Image: Yle

Jorma Ollila, who is now chairman of the board of both Royal Dutch Shell and steelmaker Outokumpu, has been fined 3,000 euros by Finland’s Financial Supervisory Authority (Fiva) for failing to make a timely disclosure that he owns an investment company called Kestrel SA. The company is based in Luxembourg and was worth 8.2 million euros at the end of 2012, reports the daily Helsingin Sanomat. The paper says he told Fiva that he “mistakenly” neglected to notify authorities of the firm, and that he had not used to hold shares in any of the companies where he has held executive positions. They also include Ford, UPM and Otava.

Ollila led Nokia in its heyday, serving as CEO from 1999 to 2006 and staying on as board chair until 2012.

Ehrnrooth gets light fine

Fiva also imposed a 500-euro fine on another well-known Finnish business mogul, Georg Ehrnrooth, also for failing to reveal a Luxembourg-based investment firm that he controlled, known as Partum. At the end of 2012, Partum was worth 26 million euros, reports Helsingin Sanomat. It has since been dissolved.

Ehrnrooth sits on the boards of several corporations, including the investment firms eQ and Norvestia and the consultancy Pöyry. He is also a major owner of the YIT construction company. Ehrnrooth too told Fiva that he had erroneously neglected to mention Partum in the insider register.

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