The Supreme Court (KKO) has ruled against former Comptel CEO Juhani Hintikka for gross misuse of insider information in stock transactions made in 2014. In that year, Hintikka purchased Comptel shares worth around EUR 337,000, which rose significantly following a contract signing with Telenor Norway in December of the same year. The case has been ongoing for years, with different court levels delivering varying judgments.
The district court initially found Hintikka guilty of aggravated misuse of insider information, but the Court of Appeals later acquitted him. However, the Supreme Court has now reversed the decision and ruled that Hintikka is guilty. Despite consistently denying any wrongdoing, Hintikka has been sentenced to a four-month suspended prison term and ordered to forfeit 36,900 euros to the state as proceeds of crime.
The key point of contention in the case was whether Hintikka had advance knowledge of the price reaction expected from the contract announcement with Telenor Norway. While the Court of Appeals believed Hintikka did not have accurate information to assess the impact of the contract on stock value, the Supreme Court disagreed. They ruled that Hintikka had precise insider information when buying Comptel shares and used this information to his advantage.
WithSecure, where Hintikka currently serves as CEO, has stated that its board of directors will evaluate the verdict and make necessary decisions promptly. The case has generated significant interest and debate within the legal and financial communities.
Hintikka’s conviction marks a significant victory for regulators seeking to ensure fair trading practices in Finland’s capital markets. It also highlights the importance of maintaining high ethical standards among business leaders and ensuring that they are held accountable for their actions.
