Gofore Oyj's share price remained steady after the digital transformation consultancy responded to a Helsingin Sanomat report on internal conflict and leaked materials related to an alleged bid for a project in the United Arab Emirates.

The stock was almost unchanged in afternoon trading following the company’s press release addressing the issue. Over the past 12 months, however, Gofore’s shares have fallen by more than 40 percent.

Gofore said that its open internal culture had been “grossly misused and violated” and that confidential information, potentially including trade secrets, had been unlawfully disclosed to the media. Gofore said it would submit the matter to the police for assessment.

HS had reported earlier today that Gofore has continued preparing a bid for a major digital government project in the United Arab Emirates despite a clear recommendation from its own Ethics Desk not to proceed. The project, known internally as Project Horizon, relates to a national digital governance platform for the UAE.

The ethical assessment cited by the newspaper identified serious risks. “There is a risk that the system would be used for mass surveillance, political and social control, and discrimination in an authoritarian context,” the conclusions stated. It added that participation in the project “would not be aligned with Gofore’s stated values and ethical commitments.” The assessment was reportedly delivered in early December.

Chief Executive Mikael Nylund acknowledged the concerns in internal messages but argued that the project was still at an early stage and required further clarification. Gofore made a business decision to continue preparing the bid, he wrote, while noting that the UAE is not a liberal democracy and has documented human rights issues. 

The broader context is political as well as commercial. Finland and the UAE signed a memorandum of understanding in March 2025 on cooperation in public sector digitalization, artificial intelligence, and innovation. The framework is supported by the Finnish government and is intended to open opportunities for Finnish companies to export public sector digital expertise.

Gofore said to HS it has no current customer relationship in the UAE and that no final investment or contracting decision has been made. 

For now, the muted market reaction suggests investors are waiting to see how the company resolves the ethical concerns internally and whether the project advances beyond the bid stage.