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Former Nokian Tyres CEO and managers acquitted in market disclosure case

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FILE PHOTO: An employee sorts Nokian tyres at a tyre assembling centre and shop in Moscow
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HELSINKI (Reuters) -A Finnish court on Friday acquitted former Nokian Tyres Chief Executive Ari Lehtoranta and other board members of stock market disclosure failures related to the company's admitted manipulation of car magazines' tyre tests.

The Helsinki district court also dismissed charges against four other Nokian Tyres managers who had been accused of abusing insider information in the case.

The case dates back to 2016, when local media reported that Nokian Tyres had for years manipulated car magazines' test results by sending them modified tyres for testing.

The court said it had not been proven in the judicial process that the company would have actively manipulated the test results and that there was no indication of the management having held back on essential information relevant for markets prior to the media report being published.

In February 2016 Nokian apologised for the test manipulation in a stock exchange release that sent its shares down more than 7% and the value of the management's options down 44%.

Nokian Tyres said it would not comment on the matter.

(Reporting by Anne KauranenEditing by Terje Solsvik and David Goodman)

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