Finnish mining company executive to face insider trading charges

Finnish mining company Talvivaara's board member and chief corporate development officer Lassi Lammassaari will face charges of insider trading, local media reported Tuesday.

Lammassaari has been accused of misuse of insider information. The case is being handled by the Helsinki District Court.

According to Finnish News Agency STT-Lehtikuva, Lammassaari owned more than half a million shares of Talvivaara in 2009, when the company was highly valued.

However, Lammassaari was no longer in the ranks of the company's 50 largest shareholders in 2012, two years before the company's stock trading was terminated when Talvivaara's subsidiary Talvivaara Sotkamo Ltd filed for bankruptcy.

Finnish daily Helsingin Sanomat revealed that Lammassaari was suspected of selling out the Talvivaara shares he held between 2011 and 2012, before the bad news about the company was published.

Lammassaari was also charged with another criminal offense linked to impairment of the environment together with other three Talvivaara's executives in 2014, according to Helsingin Sanomat.

Talvivaara said in a press release on Tuesday that Lammassaari could continue his work, despite of the accusation, and the charges had no impact on the company.

Founded in 2004, Talvivaara is a mining company with its primary focus on nickel and zinc. Since beginning operations in 2008, it has been troubled by heavy financial losses, crushing debt and serious leaks causing environmental damage. Endit