Yle coverage on Terrafame minority shareholder Trafigura
Finnish Minerals Group comments on news regarding the minority shareholder of Terrafame.
21. September 2020
YLE, a Finnish broadcasting company, has highlighted Terrafame Oy’s minority shareholder Trafigura in its coverage on suspicious transactions reported by international banks to the U.S. authorities. The coverage is based on secret documents leaked to a group of international investigative journalists focusing mostly on transactions taking place in 2011–2017.
Based on the information published by Yle, the suspicions raised are not related to Terrafame’s operations in Finland.
Trafigura became a minority shareholder of Terrafame in 2017, at which time the background and tax arrangements relating to Trafigura and its investment in Terrafame were investigated with all due diligence typical for similar ownership and financing arrangements. During the investigation, no information was revealed that would have prevented or would prevent Trafigura from acting as a financer and minority owner of Terrafame.
In general, banks are obligated to report suspicious transactions when certain conditions are met. Banks are therefore carrying out their obligation by reporting such transactions, after which it is the responsibility of the authorities to investigate the cases, as necessary. An investigation by the authorities does not necessarily suggest that any wrongdoing has taken place.