Outokumpu cleared in money laundering case

ESPOO (Scrap Monster): The District Court of Kymenlaakso in Kouvola, Finland has dismissed all charges pressed against Outokumpu and five of its employees for alleged money laundering in connection with export practices to Russia during 2004-2006. The Finnish State was ordered to pay a total of EUR 1.2 million in compensation.

Corporate General Counsel Matti Louhija: "We are very pleased that this case has finally been solved and that the Court came to the same conclusion that we have stated for years. It has been difficult for us to understand why this process started in the first place and why it had to continue for so long. The case has been particularly hard for the people under suspicion and their families."

In March 2007, Finnish Customs authorities initiated a criminal investigation into the Group's Tornio Works' export practices to Russia. The process of considering possible charges was completed in November 2010 and the public prosecutor concluded that the Customs authorities' suspicions regarding possible accounting offences and forgery were groundless.

The case was nevertheless taken to court in March 2011 as charges were pressed against Outokumpu and five of its employees for alleged money laundering. On behalf of the state, the prosecutor also presented a claim for forfeiture of the funds subject to money laundering. This claim however, was dropped by the prosecutor during the court proceedings. The Court dismissed the rest of the claims in their judgement, handed down on 22 June 2011.