Finnish prosecutors are pressing charges against former Nokian Tyre P.L.C. President and CEO Ari Lehtoranta and other employees and board members after completing an investigation into suspected securities markets offenses.
The Finnish Financial Supervisory Authority filed a request in May 2017 to investigate whether Nokian had neglected its disclosing obligations to the security markets. The investigation centers on certain 2015-16 board members, president and CEO and other staff members.
The authority also investigated whether some employees had abused insider information when dealing in the company's securities, Nokian said on Oct. 29.
For the suspected disclosure offense, Nokian said, the prosecutor has decided to press charges against six people — including current board members Raimo Lind and Inka Mero — and Mr. Lehtoranta, who was Nokian's top executive for two years, 2014-16.
The charges, the tire maker said, will bear no impact on the work of the board.
The prosecutor has also requested a corporate fine of a maximum of nearly $1 million to be imposed on the company.
For the case of suspected abuse of insider information, the prosecutor has decided to press charges against four people who were employees of Nokian Tyres in 2015.
Nokian said all persons charged deny their involvement in any criminal activity. The company would not comment further.
