Former Nokian managers found guilty of using insider information

The Helsinki Court of Appeal has ruled on the charges against former board members, as well as the ex-president and CEO of Nokian Tyres. According to the charges, Nokian's managers failed to disclose information that could have affected the company's stock price in December 2015, and four employees engaged in insider trading with options. Recall that in early 2016, Nokian's then-head Ari Lehtoranta stated that the company had sent specially prepared tires for testing to magazines, which caused a real scandal in the industry.

In 2022, the Helsinki District Court dismissed all charges, but the Court of Appeal ruled that Lehtoranta must pay a fine for improper use of information on the securities market. Three other managers were sentenced to fines, and one to 4 months and 15 days of conditional imprisonment for using insider data. Nokian must also pay a corporate fine of 50,000 euros. At the same time, the court ruled that no evidence was found that the company had acted unfairly in providing tires for magazine tests.

"We were surprised by the decision of the Court of Appeal. We will carefully study the verdict and assess whether there are grounds for appealing to the Supreme Court," said Kai Kotiranta, a lawyer representing Nokian.

Charges against Nokian's former board members Hille Korhonen, Raimo Lind, Inka Mero, Hannu Penttila, and Petteri Vallden were dismissed.