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Report: Financial watchdog requests Nokian Tyre investigation

Finland's National Bureau of Investigation confirmed on Thursday that the country's Financial Supervisory Authority has requested an investigation into whether employees at Nokian Tyres had broken financial laws involving its tyre test manipulation scandal last year, according to a report from news outlet MTV.

Nokian Renkaiden renkaita myymälässä
File photo. Image: Yle

Finland's Financial Supervisory Authority has submitted a criminal complaint to police in order to determine whether employees at tyre manufacturer Nokian Tyre had misused insider information or broken securities market laws.

The NBI's Inspector Erkki Rossi told MTV the bureau would look into the matter and that a yet-to-be-selected investigator will decide if charges would be pressed.

Business paper Kauppalehti reported in February 2016 that Nokian Tyres had manipulated test results on its winter and summer tyres to ensure they received top scores by reviewers. The paper reported that Nokian Tyre had sent automobile reviewers tyres to be tested that were not actually in production.

Shortly afterwards, the company admitted to the practice and apologised, with then-CEO Ari Lehtoranta vowing that the firm had ceased sending manipulated tyres to reviewers.

A little later on in April 2016, newspaper Helsingin Sanomat reported that leading figures at the company had sold some 600,000 euros of stock options the previous autumn - before the scandal broke.

After the test-rigging became public, the firm's share price dropped seven percent and the value of its stock fell 44 percent.

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