Tue, 12 Apr, 2016 12:09:37 AM FTimes – STT Report, Apr 12  File. Photo – Lehtikuva. The Panama Papers have revealed that a former Russian sales manager of the industrial company Metso was involved in a money-rotating scheme, reported the Finnish language tabloid Iltalehti and the national broadcaster Yle.
Based on the papers, the employee had transferred money from a Panama-based company to Metso. He also transferred money from Metso back to the Panama company.
Metso said that, due to the revelation, the employee's contract was ended by mutual agreement.
The Panama company owned by the sales manager paid its bill to Metso Automation of Finland through a Swiss bank account. According to the papers, the bill was for purchase of valves and the commission. The valves were sold to a Russian company.
Afterwards, the Russian company resold the valves to a Swedish company for six times the price, and the employee transferred the excess money to his company in Panama.
According to Metso’s internal investigation, the irregularities happened outside of Metso’s own operations and without the company’s knowledge.
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