Information linking Metso to the so-called "Panama papers" and discussions about tax havens has recently been presented in the media.
Metso was informed by a journalist working for the current affairs program MOT at Yle (the Finnish Broadcasting Company) that a Metso employee in Russia may have been involved in businesses that could be in conflict with Metso's compliance policies. In the alleged case, Metso's valves were said to have been resold after Metso had initially sold and delivered them to its end customer.
After receiving information about a possible misconduct, Metso informed the appropriate authorities and started a normal internal audit process about the case. The audit was conducted together with the independent external auditing company PwC.
The outcome of the audit found that the suspected activity took place outside Metso's own scope of business and without Metso's knowledge. Metso has not been involved in any illegal activity or misconduct and has received no financial gain or loss as a result of the case. According to the audit, Metso's internal control mechanisms are properly in place and Metso could not have had visibility into the alleged misconduct.
The internal audit also revealed that one Metso employee had acted in direct conflict with Metso's policy, which forbids its employees from working in their own interests or on behalf of other companies during their employment at Metso. The employment contract of this employee was subsequently terminated by mutual consent.
Harri Nikunen, CFO, tel.+358 20 484 3010