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. Last Updated: 07/27/2016

Merita Faces Charges

HELSINKI, Finland -- The Helsinki Stock Exchange Wednesday halted trading in Merita, Finland's largest bank, following a high-court decision that the bank had falsified its 1995 financial report.


The decision, announced by the Supreme Administrative Court last week, said Merita should have reported profits from sales of shares.


Merita said Wednesday that the 212 million markka ($41 million) profit "was also discussed in the 1995 annual report of Merita Ltd.''


The banking group said transactions in 1995 had included sales of shares to the Optiomi Oy investment company.


It was not immediately clear whether the bank would have to pay a penalty for not declaring profits from selling shares.