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Finnish market watchdog sanctions Shell chairman Ollila

Screen Shot 2014-03-27 at 00.22.33HELSINKI, March 26 Wed Mar 26, 2014 2:14pm EDT

(Reuters) – Finland’s financial watchdog said it has imposed a 3,000 euro fine against Jorma Ollila, the board chairman of Royal Dutch Shell Plc as well as Outokumpu Oyj for not declaring a company he controlled to a public insider register.

A spokeswoman for the Finnish Financial Supervisory Authority said on Wednesday that Ollila had been given an administrative fine for not disclosing Kestrel SA, an investment company he owns, in time in the public insider register of steel firm Outokumpu.

Ollila, who used to work as the chief executive and board chairman of Nokia, had earlier told Helsingin Sanomat newspaper that neglecting the law was a mistake and that through Kestrel he had never owned shares in any of the companies he had worked for.

Ollila was not immediately available to comment.

In Finland board members and chief executives are required to disclose any companies which they control to insider authorities.

(Reporting By Jussi Rosendahl; editing by Keiron Henderson)

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