Open / Close Advertisement

Outokumpu Issues Final Statement Regarding Export Practices to Russia

05/20/2009 - Outokumpu denies that its personnel or group company have committed any crimes in a final statement to the Finnish Customs regarding the company's export practices to Russia.

Outokumpu has delivered a final statement to the Finnish Customs regarding the company's export practices to Russia, in which the company denies that its personnel or group company have committed any of the crimes alleged by the Finnish Customs.
 
Finnish Customs authorities had initiated a criminal investigation into Outokumpu Stainless Oy's export practices to Russia back in March 2007. The preliminary investigation is connected with another preliminary investigation into a forwarding agency based in South-Eastern Finland. Outokumpu took Custom's accusations extremely seriously and immediately initiated its own investigation, retaining Roschier Attorneys Ltd, a leading law firm based in Helsinki, to carry out an independent investigation.
 
Roschier had previously stated (June 2007), upon completion of its original investigation, that it had found no evidence of any of the crimes alleged by the Finnish Customs.
 
Upon examination of the preliminary investigation material, Roschier has concluded that it includes no evidence that any employees of Outokumpu Stainless Oy or the company itself had committed forgery or accounting offence, as had been alleged by the Customs. Outokumpu Group's Auditor, KPMG Oy Ab, also states that suspicions related to false financial statements practices are groundless.
 
Satisfied with the results of Roschier's and KPMG's work, Outokumpu management said that the more recent studies reconfirm the conclusions of the previous investigations. The company noted that it has co-operated with the authorities throughout the preliminary investigation in order to assist in reaching a conclusive outcome.