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HS: Jorma Ollila didn't disclose investment

According to the daily newspaper Helsingin Sanomat, former Nokia CEO Jorma Ollila failed to disclose ownership in an investment company that he started in Luxembourg in 2000.

Helsingin sanomat 3. elokuuta 2013.
HS: Should former Nokia CEO have listed his ownership of Kestre in the insider register? Image: Yle / HS

Former Nokia CEO Jorma Ollila, who currently serves as chairman of the board for Royal Dutch Shell and steel company Outokumpu, is one of the owners of Kestrel, an investment company created and registered in Luxembourg in 2000, during the same period that Ollila served as president of Nokia (1992-2006).

In the 13 years since Kestrel's inception, Ollila has not disclosed this information to the insider register, which, according to the Securities Markets Act, requires that members of the boards of directors of companies should disclose their direct holdings in other companies.

According to Helsingin Sanomat, Ollila did not disclose this information and the information only appeared in Outokumpu's register on Friday after the newspaper inquired about Ollila's ownership in Kestrel.

Speculation is ongoing regarding whether or not Ollila was legally bound to disclose the information regarding Kestrel.

Ollila told the newspaper that he had checked the information with a lawyer, who had advised him that he didn't need to disclose the information. Ollila says that through Kestrel, he did not own any shares in the other companies in which he is active in management.

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