Solidium
Solidium Oy is Finnish state owned investment company that can be characterized as a sovereign investment fund. Solidium was founded in 2008 to manage the property of SKOP Bank (Säästöpankkien Keskus-Osake-Pankki), which went bankrupt in the early 1990s recession.[1] Previously, the government directly owned the stock, and transferring them under a single company was the work of Minister of Trade and Industry Jyri Häkämies. In the end of year 2010 funds were 8.751 billion €.[2]
Besides Solidium, the government still directly owns stock as a majority shareholder.
Companies
Solidium took over the state owned shares in 2008 of Kemira, Metso, Outokumpu, Rautaruukki, Sampo, Sponda (real estate), Stora Enso and TeliaSonera and in 2009 Elisa Oyj (Finnish telecommunications company).
Solidium owned over 5% of Outotec mining technology company's shares in March 2012 while Goldman Sachs reduced its ownership to less than 5%. 5% is the limit of obligatory stock information note in Finland.[3]
Solidium has bought also Talvivaara mining stocks [4] and sold all shares of Sponda Oyj.
| Company[5] | % of company owned |
|---|---|
| Elisa Oyj | 10.0 |
| Kemira Oyj | 16.7 |
| Metso Oyj | 11.1 |
| Outokumpu Oyj | 21.8 |
| Outotec Oyj | 10.0 |
| SSAB | 17.1 (capital) / 10.1 (votes) |
| Sampo Oyj | 14.2 |
| Stora Enso Oyj | 12.3 (25.1% of all votes) |
| Talvivaara | 16.7 |
| TeliaSonera AB | 11.7 |
| Tieto Oyj | 10.1 |
Finnish state also directly owns shares of certain publicly listed companies, deemed to be "strategically important", that are not in Solidium's portfolio. There include Finnair (55.8%), Fortum (50.8%), and Neste Oil (50.1%).[6]
Corporate
Solidium Oy managing director is Kari Järvinen. Solidium Board of Directors are:[7] chair man Pekka Ala-Pietilä (Nokia), Eija Ailasmaa (Sanoma), Antti Herlin (Kone), Markku Hyvärinen (Varma, Tradeka), Marketta Kokkonen (Espoo city), Anni Vepsäläinen (Diacor) and Jarmo Väisänen (Prime Minister’s Office state council).
Company commercial interests independent members of the board include only Ms. Marketta Kokkonen and Mr. Jarmo Väisänen. There is an ongoing trial against Marketta Kokkonen including claims of bribes and serving of the interests of the construction industry.[8][9][10] All corruption claims and the demanded fine of 5,000 euros have been rejected up to date (3/2012). According to Transparency International Finland has little corruption.
References
- ↑ http://www.omistajaonline.fi/lehdet/12009/talouskriisi-vauhditti-solidiumin.aspx
- ↑ http://www.kauppalehti.fi/5/i/talous/uutiset/etusivu/uutinen.jsp?oid=20110155735
- ↑ Outotec ei kommentoi omistusmuutosta Arvopaperi 7.3.2012
- ↑ Goldman Sachsin Outotec-osakkeet päätyivät Solidiumille Arvopaperi 7.3.2012
- ↑ Investment share August 2013
- ↑ Finnairin kohubonukset poikkeus valtion pörssiyhtiöissä yle 13.3.2011 (Finnish)
- ↑ Solidium Board of Directors (Finnish)
- ↑ Espoon kaupunginjohtaja kiistää lahjusrikkomuksen MTV323.6.2009
- ↑ Espoon johtajat kiistävät syyllistyneensä lahjusrikkomuksiin Helsingin Sanomat 24.6.2009
- ↑ Espoon Kokkoselle ja Loukolle syytteet virkarikoksista Helsingin Sanomat 13.7.2010
