Wednesday, June 22, 2011


Outokumpu Oyj: All charges related to export practices to Russia dismissed



22 June 2011 at 1.05 pm EET

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.


OUTOKUMPU OYJ

Outokumpu is a global leader in stainless steel with the vision to be the undisputed number one. Customers in a wide range of industries use our stainless steel and services worldwide. Being fully recyclable, maintenance-free, as well as very strong and durable material, stainless steel is one of the key building blocks for sustainable future. Outokumpu employs some 8 000 people in more than 30 countries. The Group's head office is located in Espoo, Finland. Outokumpu is listed on the NASDAQ OMX Helsinki.

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