ROTTNEROS CONSIDERS APPEAL AGAINST DECISION BY SWEDISH FINANCIAL SUPERVISORY AUTHORITY
The Swedish Financial Supervisory Authority has decided to fine Rottneros the sum of SEK 3 million for failing to complete the compulsory registration of a number of buy-backs of its own shares in 2001, as a result of an administrative error. On discovering its mistake, Rottneros had notified the Swedish Financial Supervisory Authority immediately.
“Naturally, I regret the error,” says Anders Byström, Rottneros’ Executive Vice President and Chief Financial Officer. “The buy-backs were properly recorded at the Stockholm Stock Exchange, which means that the purchases were public and recorded in the stock exchange databases. In addition, we published press releases announcing each individual purchase and these press releases have also been available on our website ever since the shares were bought.”
“It is obvious that the error we made was not deliberate and that no damage has been done. Consequently, I am astonished at the size of the fine being imposed by the Swedish Financial Supervisory Authority. In our accounts for 2001 we made a reservation of SEK 1 million, which we consider a reasonable amount in view of the nature of the infringement and its background,” states Anders Byström.
“We will now consider appealing the Swedish Financial Supervisory Authority’s decision to the County Administrative Court.”
Upplands Väsby, Sweden, 18 October 2004
Rottneros AB (Publ.)
Further information: Anders Byström, Chief Financial Officer, +46 (0)8-590 010 20 or
+46 (0)70-641 49 14
The Rottneros Group, listed on the Stockholm Stock Exchange, is one of the world’s leading non-integrated producers of market pulp. The Group includes the parent company Rottneros AB, five pulp mills in Sweden and Spain, a small sawmill as well as raw materials purchasing companies in Latvia and Portugal. The Group also has marketing companies in Germany and Belgium. Production capacity amounts to 700,000 tonnes. The Group has around 860 employees and turnover of approximately SEK 2,400 million.