Nokia plays down compliance issues after shares drop

HELSINKI: Nokia sought to play down the risks of an investigation into compliance issues at its Alcatel-Lucent business after its shares fell sharply. The Finnish network equipment maker flagged the issue in its annual report to the US Securities and Exchange Commission. Nokia said it had launched an investigation into certain transactions of the business it bought in 2016. After the shares dropped more than 8 per cent in Europe on Friday, Nokia issued a statement saying it did not think the issues would have any material impact on the group. “We believe it is highly likely that any penalties that might apply would be limited and immaterial,” Nokia said. The shares pared some of the earlier losses to be down 5.4 per cent at 1545 GMT. In its annual report Nokia said certain practices at the former Alcatel-Lucent business had raised its concerns during the integration process and it had informed relevant regulatory authorities, without elaborating . — Reuters