The Helsinki District Court today sentenced Antero Siljola, President of Werner Söderström Corporation and Deputy President & CEO of SanomaWSOY, to pay fines totalling FIM 125,520 (comprising 120 daily fines at FIM 1,046) on four counts of misuse of insider information.
The Court concluded that, in his capacity as a member of the Board of Directors of Werner Söderström Corporation and the company's President, and as a member of the Board of Directors of Rautakirja Oyj, Siljola was in possession of insider information relevant to the shares of Werner Söderström and Rautakirja that could substantively affect the value of both shares, and that he used this information for his own gain by commissioning purchases of shares in the companies concerned, thereby breaking Section 1 of Article 5 of the Finnish Securities Markets Act.
Siljola purchased a total of 450 Series B shares in Werner Söderström Corporation in September 1996 and October 1997 at a cost of FIM 69,300, and 375 Series B shares in Rautakirja Oyj in October 1997 and February 1998 at a cost of FIM 149,250. The above shares are still in Siljola's ownership.
Siljola has informed the Boards of Directors of SanomaWSOY and Rautakirja that he will refrain from taking part in the activities of both bodies until further notice. SanomaWSOY's Board of Directors will consider the matter at its next meeting.