Bucharest, 18 February 2022 - In January 2022, the courts ruled in favour of ASF in the following cases:
By Decision no. 31/17.01.2022, the Court of Appeal Bucharest handed down the following solution, favourable to ASF, in contradiction with Mr. Mihai Traian BABĂU, as financial investment services agent of SSIF BRK S.A.:
Solution:
“Admits the exception of expiration. It finds that the summons has expired.
With right to appeal within 5 days after being pronounced”.
Subject matter of the case: Annulment of the ASF Decision no. 3309/05.11.2015, by which the plaintiff was sanctioned with a fine as financial investment services agent of SSIF BRK S.A., and, in the alternative, the revocation of the main sanctioning measure with a fine in the amount of Lei 2,000 and its replacement with the sanction of warning.
The court’s decision can be found at:
http://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000387251&id_inst=2
By Decision no. 48 of 18/01/2022, Mangalia Law Court handed down the following solution, favourable to ASF, in contradiction with METTEXIN S.A. MANGALIA.
Solution:
“Admits the exception of lateness invoked by the respondent (ASF) by statement of defence. Rejects the appeal against enforcement filed by the appellant in contradiction with the respondent, as late.
With right to appeal within 3 days of communication (…).
Subject matter of the case: the appeal against enforcement filed by METTEXIN SA against the forced execution initiated by ASF for the enforcement of the Civil Sentence no. 9713/26.09.2014, handed down in the file case no. 18694/212/2014, by which Constanța Law Court admitted the request filed by the creditor Financial Supervisory Authority in contradiction with the debtor METTEXIN S.A.
The court’s decision can be found at:
http://portal.just.ro/254/SitePages/Dosar.aspx?id_dosar=25400000000077864&id_inst=254
By Decision no. 49 of 18/01/2022, Mangalia Law Court handed down the following solution, favourable to ASF, in contradiction with METTEXIN S.A. MANGALIA.
Solution:
“It admits the exception of lateness (...). Rejects the appeal against enforcement appeal filed by the appellant (METTEXIN S.A. MANGALIA) in contradiction with the respondent (ASF), as late.
With right to appeal within 3 days of communication (...).
Subject matter of the case: the appeal against enforcement filed by the appellant S.C. METTEXIN S.A. MANGALIA against the proceedings of forced execution initiated by ASF based on the enforceable title representing the Civil Sentence no. 870/29.05.2015 handed down by Mangalia Law Court in the file case no. 1413/254/2015, as well as all subsequent enforcement acts performed in the enforcement file no. 12/2017 by the Bailiff’s Office “VOLINTIRU ȘTEFAN”.
The court’s decision can be found at:
http://portal.just.ro/254/SitePages/Dosar.aspx?id_dosar=25400000000077865&id_inst=254
By Decision no. 290 of 20/01/2022, the High Court of Cassation and Justice handed down the following favourable solution to ASF in contradiction with Mr. SPYRIDON STAVROS MAVROGALOS FOTIS, as a member of the Board of Directors of City Insurance S.A. on the date of the sanction.
Solution:
“It admits the appeal declared by the defendant, the Financial Supervisory Authority, against the Civil Sentence no. 1088 of 8 July 2021 (...). Quashes the appealed sentence and, in the retrial, it rejects the application for suspension as unfounded.
Final”.
Subject matter of the case: the appeal filed by ASF against the Civil Sentence
no. 1088/8.07.2021, handed down by the Bucharest Court of Appeal by which the court admitted the request made by the plaintiff Spyridon Stavros Mavrogalos Fotis, member of the Board of Directors of City Insurance S.A. on the date of the sanction and ordered the suspension of the execution of the ASF Decision no. 718/03.06.2021 by which the plaintiff Spyridon Stavros Mavrogalos Fotis, a member of the Board of Directors of City Insurance S.A., at the date of the sanction, was sanctioned with a fine in the amount of Lei 1,000,000 and the withdrawal of the approval granted by ASF, until final determination on the action for annulment.
The court’s decision can be found at:
In this case, by Decision no. 388 of 26/01/2022, the High Court of Cassation and Justice handed down the following solution, favourable to ASF, in contradiction with Mr. Cristian Bușu, as administrator of Depozitarul Central S.A. on the date of the sanction.
Solution:
“Takes note of the waiver of the appellant-plaintiff Cristian Buşu in the judgment of the appeal against Sentence no. 428 of 22 March 2021 of Bucharest Court of Appeal - Section VIII administrative and tax matters.
Final”.
Subject matter of the case: appeal against the Civil Sentence no. 428/24.12.2020, by which the Court of Appeal Bucharest rejected as unfounded the action of the plaintiff Bușu.
On the merits, the file had as object the suspension of the execution of the ASF Decision no. 1529/24.12.2020, which ordered the withdrawal of the approval granted by ASF, by the ASF Decision no. 569/18.04.2019, to Mr. Cristian Bușu, as administrator of Depozitarul Central S.A.
The court’s decision can be found at:
By Decision no. 97/27.01.2022, the Court of Appeal Bucharest handed down the following solution, favourable to ASF, in contradiction with the Company Grant Thornton Audit S.R.L.
Solution:
“Rejects the request for suspension as unfounded.
With right to appeal within 30 days of communication”.
Subject matter of the case: suspension of the execution of the ASF Decision no. 1344/22.10.2021, by which it was ordered:
(i) withdrawal of the Opinion no. 198 of 14/06/2019 granted to Grant Thornton Audit S.R.L. to carry out the activity as financial auditor for insurance and/or reinsurance companies regulated and supervised by ASF - Insurance - Reinsurance Sector;
(ii) deregistration of the plaintiff company from the List of financial auditors approved by ASF- Insurance - Reinsurance Sector, published on the website of the Financial Supervisory Authority.
The court’s decision can be found at:
http://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000402285&id_inst=2
By Decision no. 32/27.01.2022, Timișoara Court of Appeal handed down the following solution, favourable to ASF, in contradiction with the company Alfa & Quantum Consulting S.P.R.L.
Solution:
“Takes note of the request of the plaintiff ALFA & QUANTUM CONSULTING S.P.R.L. to waive the action in administrative law (...)”.
The Decision can be appealed within 15 days of the communication.
Subject matter of the case: the action brought by the plaintiff Alfa & Quantum Consulting SPRL seeking, in essence, the annulment of letter no. P-DJ/3850.1/04.08.2021 regarding the disqualification of the offer submitted by the plaintiff to ASF, registered under no. RG/19602/28.06.2021.
The court’s decision can be found at:
http://portal.just.ro/59/SitePages/Dosar.aspx?id_dosar=5900000000067128&id_inst=59
By Decision no. 33/28.01.2022, Galați Court of Appeal handed down the following solution, favourable to ASF, in contradiction with the Romanian Investment Fund:
Solution:
„Rejects as unfounded the appeal filed by the plaintiff Romanian Investment Fund against the Civil Sentence no. 409/08.12.2020 handed down by Galați Court in the file case no. 13387/3/2014*. Admits the cross-appeal filed by the defendant company Mecanica Rotes S.A. against the minutes of the proceedings of 23/09/2016 and 28/03/2019, and of the Civil Sentence no. 409/08.12.2020 – handed down by Galați Court in the file case no. 13387/3/2014*. Admits the cross-appeal filed by the defendant company Metalica S.A. against the minutes of the proceedings of 23/09/2016 and the Civil Sentence no. 409/08.12.2020 – handed down by Galați Court in the file case no. 13387/3/2014*. Partially changes the minutes of the proceedings and the Civil Sentence appealed and in retrial: Admits the exception of the prescription of the right to action of the plaintiff Romanian Investment Fund invoked by the defendant company Mecanica Rotes S.A., Galgros S.A. and Surexcomp S.A., as prescribed. Maintains the other provisions of the minutes of the proceedings and of the appealed civil sentence. Rejects the cross-appeal filed by the defendant company Metalica S.A. against the minutes of the proceedings of 10/11/2020. Orders the appellant-plaintiff to pay the amount of Lei 150 to the appellant-defendant Mecanica Rotes S.A. and to pay the amount of Lei 50 to the appellant-defendant Metalica S.A. as legal expenses on appeal (judicial stamp duty).
With right to appeal within 30 days of communication (…)”.
Subject matter of the case: orders the defendants to pay damages to the plaintiff, as a result of the non-execution of the mandatory legal obligation to carry out the mandatory public takeover bid addressed to all holders of securities over the issuer S.C. Altur S.A.
The court’s decision can be found at:
http://portal.just.ro/44/SitePages/Dosar.aspx?id_dosar=12100000000108144&id_inst=44
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