Nokia subsidy statement to NRW Bank reaffirms company’s view it fulfilled job creation requirements
Nokia has submitted its statement to North Rhine-Westphalia (NRW) Bank today regarding subsidies received back in 1998/99. The statement, which Nokia compiled after having access to the records of the NRW Bank and the Ministry of Economic Affairs of the State of NRW, underlines Nokia’s strong view that it has acted according to the terms of the subsidy grant, and any attempt by NRW Bank and the NRW government to recall subsidies is without merit.
Without a doubt, Nokia created jobs at the Bochum factory: since 2001 Bochum has employed an annual average of some 3,200 Nokia and third-party employees. The conditions of the state aid granted to Nokia for the expansion of the Bochum plant in 1998/1999 called for Nokia to provide 2,860 jobs, thus Nokia over-fulfilled those job creation requirements.
Throughout the period in question Nokia submitted via Deutsche Bank documents to NRW Bank in an open and transparent manner, disclosing all relevant facts including information on types and number of jobs created as well as on how the subsidies were used. Based on this, and based on some documents filed in the records Nokia has been able to review, Nokia assumes that all parties had a similar understanding about the job creation status and terms, and all agreed that Nokia had fulfilled all the terms. Until January 2008, no concerns were raised about Nokia’s reports to the company, neither from NRW Bank nor the NRW government.
As previously communicated Nokia also made significant investments in Bochum. Since 1999 it has invested more than 350 million euros in the site, well above the amount stipulated in the agreement.
Without a doubt, Nokia created jobs at the Bochum factory: since 2001 Bochum has employed an annual average of some 3,200 Nokia and third-party employees. The conditions of the state aid granted to Nokia for the expansion of the Bochum plant in 1998/1999 called for Nokia to provide 2,860 jobs, thus Nokia over-fulfilled those job creation requirements.
Throughout the period in question Nokia submitted via Deutsche Bank documents to NRW Bank in an open and transparent manner, disclosing all relevant facts including information on types and number of jobs created as well as on how the subsidies were used. Based on this, and based on some documents filed in the records Nokia has been able to review, Nokia assumes that all parties had a similar understanding about the job creation status and terms, and all agreed that Nokia had fulfilled all the terms. Until January 2008, no concerns were raised about Nokia’s reports to the company, neither from NRW Bank nor the NRW government.
As previously communicated Nokia also made significant investments in Bochum. Since 1999 it has invested more than 350 million euros in the site, well above the amount stipulated in the agreement.
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