22 March 2011 at 9.30 am EET
Court proceedings related to Outokumpu Tornio Works export practices to Russia during 2004 - 2006 started today at the District Court of Kymenlaakso in Kouvola, Finland. The prosecutor has pressed charges against Outokumpu and five of its employees for alleged money laundering. The suspicion related to money laundering is based on the company having done business with parties that are suspected to have conducted crimes when importing Outokumpu's products into Russia. Outokumpu states that neither the Group nor its personnel have committed the alleged offence.
The prosecutor, on behalf of the state, has also presented a claim for the forfeiture of the funds subject to money laundering (according to the prosecutor an unspecified amount between EUR 69 000 and EUR 13 714 000).
As part of the same proceedings, Saimaa Lines Ltd is on a charge related to the company's role as a forwarding agent of Outokumpu's customers.
In March 2007, Finnish Customs authorities initiated a criminal investigation into the Group's Tornio Works' export practices to Russia. The court proceedings are scheduled to end on 19 May 2011 and the judgement is estimated to be handed down in June.
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