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Nokia veteran Ollila’s investment income plunges to €0

Jorma Ollila, who led Nokia during its boom years as world leader in the mobile phone market, last year saw his capital gains income sink to zero – offset by earned income from his remaining board positions. Ollila, who for many years posted Finland's biggest income, now ranks 133rd, according to official tax data released on Wednesday.

Jorma Ollila
Ollila in a 2013 Yle interview. Image: Yle

Longtime Nokia CEO Jorma Ollila’s investment income collapsed to zero last year. The previous year he had the country’s second-highest taxable unearned income at more than 40 million euros, largely from his sale of Nokia shares.

Meanwhile his 2016 earned income rose to nearly 2.5 million euros, placing him at number 133 on the list of Finland’s highest earners.

Ollila, 67, worked for Nokia from 1985 to 2012, leading the company as CEO from 1999 to 2006 and then becoming chairman of the board. He also served as chair of oil giant Shell from 2006 to 2015, and still holds the same post at mining concern Outokumpu and the Finnish Business and Policy Forum (EVA).

Ollila racked up Finland’s highest income virtually every year in the early 2000s, mostly based on his earned income. In 2000, for instance, his salary was more than 50 million euros.

On the other hand, his unearned income (capital gains) has generally been relatively modest. In 2013 it amounted to 50,000 euros, rising to around 305,000 euros the following year before mushrooming to 40.5 million in 2015.

On Wednesday, the Finnish Tax Administration made its annual release of all residents' tax figures for the previous year.

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