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Tue, 30 Aug, 2016 12:03:49 AM High-risk non-hedging derivative contracts FTimes – STT Report, Aug 30  File Photo Lehtikuva. The Ministry of Transport and Communications forbade the Finavia board from bringing actions for damages against any former CEO or former board members, the news agency STT gathered from a National Audit Office memo.
The memo dealt with clarifying questions of liabilities issuing from arrangements of Finavia’s derivatives.
According to the memo, the ministry sent two emails prohibiting taking any actions. The memorandum was intended for internal use at both Finavia and the ministry, and has not previously been discussed in public.
In September 2015, the Finavia Board of Directors decided that it will raise actions against the company’s former leaders regarding the derivatives. The decision was made by a 4-3 vote.
According to the memorandum, a representative of the ministry sent an email to the Finavia chairman on October 14, 2015. The ministry issued the ban again on November 27, 2015.
The former chair of Finavia board, Riitta Tiuraniemi told the STT that the messages did not come from Transport and Communications Minister Anne Berner.
According to Tiuraniemi, Berner spoke to her about the matter directly at the beginning of December.
Tiuraniemi resigned in early December protesting against the ministry’s interference with the company’s corporate governance.
In 2012, it transpired that Finavia and its predecessor, then a government enterprise, had made high-risk non-hedging derivative contracts. As a result of these derivatives, Finavia incurred a loss of EUR 34 million in the period of 2009 to 2011.
The pre-trial police investigations regarding the individuals who had signed the derivative contracts on behalf of Finavia were concluded on May 27, 2016.
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