TELESTE CORPORATION STOCK EXCHANGE RELEASE 6.3.2019 AT 14:45 EET
CRIME AGAINST A SUBSIDIARY OF TELESTE - POLICE INVESTIGATION IS ONGOING
Crime against a subsidiary of Teleste - police investigation is ongoing
A foreign subsidiary of Teleste is suspected to have become the target of a crime. The suspected perpetrators have through identity theft and other possible illegal actions managed to induce Teleste's subsidiary to make unwarranted payments to third parties in an amount totaling approximately EUR 7 million. Teleste has filed a request for investigation with the authorities in relevant countries and is giving the authorities its full support to recover its losses as fully as possible and to bring the perpetrators of the potential crime to justice.
Teleste has an insurance cover for the entire group, and the conditions for compensation in this matter are currently being examined. Any potential losses caused by the matter are extraordinary costs, which do not affect Teleste's ability to generate operating profit or endanger Teleste's solvency.
As the police investigation is ongoing, Teleste will not provide any further information at this stage. Teleste will provide further information on the matter later, if possible.
Teleste offers an integrated product and service portfolio that makes it possible to build and run a better networked society. Our solutions bring television and broadband services to your home, secure your safety in public places and guide your use of public transport. With solid industry experience and drive for innovations, we are a leading international company in broadband, security and information technologies and related services. We connect with our customers through a global network of offices and partners. In 2018, Teleste's net sales reached EUR 250 million and on average it had approximately 1,400 employees. Teleste is listed on Nasdaq Helsinki.
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