STOCK EXCHANGE RELEASE
31 May 2005 at 11:40
HELSINKI COURT OF APPEAL ISSUES RULING ON LEONIA'S YIT BLOCK TRADE BROKERED IN 2000
The Helsinki Court of Appeal has today issued its ruling on Leonia's YIT block trade brokered in the Helsinki Stock Exchange in summer 2000. The trade involved a block of more than 10 % of YIT stock. The seller was Rautaruukki Oy and the buyers Sampo Life Insurance Company Limited, Kaleva Mutual Insurance Company and Varma-Sampo Mutual Pension Insurance Company. The broker was charged with manipulating the share price. The Helsinki Court of Appeal did not change the ruling concerning Sampo issued by the Helsinki District Court on 28 June 2002.
The district court previously dismissed the prosecutor's demand that a corporate fine be levied on Leonia Bank (currently Sampo Bank), but ordered the buyers to remit to the Government the equivalent of the transaction's property transfer tax that the Government did not receive. Sampo Group's share is EUR 217,857.11. The individuals involved in implementing the transaction were also fined.
The Helsinki Stock Exchange revised its regulations concerning block trades on February 25, 2002. The new rules state that block trades involving volumes similar to this case can always be transacted in the Helsinki Stock Exchange at prices agreed upon by the parties.
SAMPO PLC
The district court previously dismissed the prosecutor's demand that a corporate fine be levied on Leonia Bank (currently Sampo Bank), but ordered the buyers to remit to the Government the equivalent of the transaction's property transfer tax that the Government did not receive. Sampo Group's share is EUR 217,857.11. The individuals involved in implementing the transaction were also fined.
The Helsinki Stock Exchange revised its regulations concerning block trades on February 25, 2002. The new rules state that block trades involving volumes similar to this case can always be transacted in the Helsinki Stock Exchange at prices agreed upon by the parties.
SAMPO PLC
Hannu Vuola
Head of Group Communications
Distribution:
Helsinki Stock Exchange
The principal media
Financial Supervision
www.sampo.com