HEX Integrated Markets and the Finnish Central Securities Depository – both are now owned by OMHEX – are being sued by 22 banks and brokerage firms in Finland.
The claim, amounting to about Euros 5 million plus interest, is related to value added tax that the banks and brokerage firms paid to Helsinki Exchanges and APK for trading and clearing services during the years 1995-2000.
OMHEX and HEX Integrated Markets say they reject the lawsuit and its material grounds as unfounded. “The dispute regarding value added tax for the years 1995-2000 was settled in its entirety in 2002 in an arbitration agreement and subsequent arbitration proceedings,” says a spokesman. “Consequently, HEX Integrated Markets denies any liability for further reimbursement.”