Bucharest, 3 November 2022 - In October 2022, courts ruled in favour of ASF in the following cases:
By Judgment no. 1592/4.10.2022, the Bucharest Court of Appeal rendered the following decision in favour of ASF, against claimant Olteanu Marius Dorel:
Ruling made in brief:
“Dismisses the application as unfounded.
With appeal within 15 days of service (...)”
Subject matter of the case: by his initial application, the claimant requested the suspension of the execution of the ASF Decision no. 755/23.06.2022, which ordered the withdrawal of the approval granted to him as director of SAI SIRA S.A., and the suspension of the ASF Decision no. 756/23.06.2022, which rejected the claimant's request for authorisation as a member of the Board of Directors of SAI SIRA S.A. Additionally, the claimant requested that ASF be ordered to pay the costs of the dispute.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000412128&id_inst=2
By Judgment No. 4393/4.10.2022, the High Court of Cassation and Justice rendered the following decision in favour of ASF, against the claimants Investments Constantin SRL Benjamin United SRL and Constantin Ștefan:
Ruling made in brief:
“Admits the appeal brought by the defendant Financial Supervisory Authority against Civil Judgment no. 1624 of 2 May 2019, delivered by the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation. Sets aside the judgment under appeal and ruling on appeal: Dismisses the application brought by the claimants Investments Constantin SRL, Benjamin United SRL and Constantin Ștefan in its entirety as unfounded. Upholds the decision regarding the plea of inadmissibility of head 3 of the application. Dismisses the appeals brought by the claimants Investments Constantin SRL and Benjamin United SRL against the same judgment as unfounded. Final.”
Subject matter of the case:
By Civil Judgment no.1624/02.05.2019, rendered by the Bucharest Court of Appeal, the court ruled as follows:
“Admits the plea of inadmissibility of head 3 of the application , solely as regards the request for a finding that only SC Constantin Relative Investments SRL and SC Benjamin United SRL are acting in concert. Dismisses the remainder of the plea of inadmissibility as unfounded. Admits the application in part. Annuls in part Decision no. 293/28.02.2018 and Decision no. 521/25.04.2018 as regards:
- the obligation established for SC Constantin Relative Investment SRL to submit to to ASF, together with the persons with whom it acts in concert, within 15 days from the communication of the decision, the documentation relating to the mandatory public takeover bid for the takeover of Electroargeș SA Curtea de Argeș (art.5-6 of the Decision);
- imposing a fine on the claimant Constantin Ștefan (art. 1 of the Decision).
Establishes that the execution of the obligation provided for in Art. 5 of Decision no. 293/28.02.2018 shall be carried out within 15 days from the date of the removal of the attachment order issued by the Prosecutor's Office of the High Court of Cassation and Justice - Directorate for the Investigation of Organised Crime and Terrorism. Dismisses the remainder of the application as unfounded.
The ruling of the court can be consulted at:
By Judgment no. 1775/31.10.2022, the Bucharest Court of Appeal rendered the following decision, partially in favour of ASF, against Alexandru Paul Ştiopei, as a member of the House Investment Committee of SSIF BRK Financial Group S.A., at the sanctioning date:
Ruling made in brief:
“Admits the application in part. Orders the reduction of the fine imposed by Decision no. 252/2022 from 4900 lei to 1000 lei. Dismisses the remainder of the application as unfounded.
With appeal within 15 days of service (...)”
Subject matter of the case:
Specifically, the court upheld ASF's findings in the sanctioning decision, but reduced the amount of the fine from 4,900 lei to 1,000 lei.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000406878&id_inst=2
By Judgment no. 4604/13.10.2022, the High Court of Cassation and Justice rendered the following decision in favour of ASF against the plaintiff/appellant Dumitru Carapiti, as member of the Supervisory Board of SIF Transilvania S.A., at the date of the sanction:
Ruling made in brief:
“Dismisses the appeal brought by the claimant EDumitru Carapiti against Judgment no. 571 of 19 April 2021, delivered by the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation, as unfounded. Final.”
Subject matter of the case: the appeal brought by the appellant Dumitru Carapiti against Judgment no. 571/19.04.2021, by which the Bucharest Court of Appeal dismissed the appellant's action as unfounded.
Notes: on the merits, the case concerned the annulment of ASF Decision no. 414/27.03.2020, by which the claimant Dumitru Carapiti was fined RON 15,000 as a member of the Supervisory Board of SIF Transilvania S.A. at the sanctioning date.
The ruling of the court can be consulted at:
By Judgment no. 4615/13.10.2022, the High Court of Cassation and Justice rendered the following decision in favour of ASF against the claimant Ciurezu Tudor, as Chairman of the Board of Directors of SIF Oltenia SA at the sanctioning date:
Ruling made in brief:
“Admits the appeal brought by the defendant Financial Supervisory Authority against Judgment no. 1029 of 29 June 2021, delivered by the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation. Sets aside the judgment under appeal and ruling on appeal: Dismisses the action brought by claimant Ciurezu Tudor as unfounded. Final.”
Subject matter of the case: the appeal lodged by ASF against Civil Judgment no. 1029/29.06.2021 delivered by the Bucharest Court of Appeal, by which the court of first instance admitted the appellant's claim and:
Notes: on the merits, the case concerned the annulment of ASF Decision no. 869/15.07.2020, by which the claimant Ciurezu Tudor was fined RON 60,000 as as Chairman of the Board of Directors of SIF Oltenia SA (at the date of issuance of the challenged administrative act).
The ruling of the court can be consulted at:
By Judgment no. 1752/17.10.2022, the Bucharest Court of Appeal rendered the following decision in favour of ASF, against the claimant Societatea de Asigurare - Reasigurare City Insurance S.A.:
Ruling made in brief:
“Takes note of the withdrawal of the claimant SOCIETATEA DE ASIGURARE - REASIGURARE CITY INSURANCE SA - BY RECEIVER CITR FILIALA CLUJ SPRL from the proceedings against the defendant SUPERVISORY FINANCIAL AUTHORITY.
With appeal within 15 days of service (...)”
Subject matter of the case: the action by which SAR City Insurance SA applied to the court:
- to find that ASF has tacitly approved the Short-Term Funding Plan for the restoration of the levels of eligible basic equity covering the Minimum Capital Requirement (MCR), which is a mandatory condition for the maintenance of the underwritten company's authorisation to operate and, consequently, an order that ASF issue a decision approving the Short-Term Funding Plan allowing the company to restore the levels of eligible equity covering the MCR solvency requirements, with reinstatement within the statutory period of 3 months laid down in art. 100 para. (2) of Law no. 237/2015;
- annulment of ASF Decision no. 1148/17.09.2021, by which the Authority ordered, inter alia:
(i) sanctioning SAR City Insurance SA with a fine of 273,000 lei;
(ii) withdrawal of the operating licence;
(iii) the establishment of a state of insolvency.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000410985&id_inst=2
By Judgment no. 1768/18.10.2022, the Bucharest Court of Appeal rendered the following decision in favour of ASF against the claimant Ciurezu Tudor, as Chairman of the Board of Directors of SIF Oltenia SA, at the sanctioning date:
Ruling made in brief:
“Dismisses the application for annulment of the ASF Decision no. 1286/23.10.2019, and ASF Decision no. 1525/04.12.2019, as unfounded.
With appeal within 15 days of service.”
Subject matter of the case: annulment of ASF Decision no. 1286/23.10.2019 sanctioning the claimant, as Chairman of the Board of Directors of SIF Oltenia SA, with a fine in the amount of 30,000 lei since, in the meetings of the Board of Directors of 29.07.2019 and 01.08. 2019, voted “against the convening” of the Ordinary General Meeting of Shareholders, with the agenda requested by joint request of the shareholders of S.I.F. Banat Crișana S.A. and S.I.F. Muntenia S.A. no. 5071/11.06.2019, thus failing to comply with the obligation established by ASF Decision no. 937/18.07.2019.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000380323&id_inst=2
By Judgment no. 4726/18.10.2022, the High Court of Cassation and Justice rendered the following decision in favour of ASF, against the appellant Societatea Euroins România Asigurare Reasigurare S.A.:
Ruling made in brief:
“Dismisses the appeal brought by the claimant Euroins România Asigurare Reasigurare S.A. against Civil Judgment no. 473 of 23 June 2020, delivered by the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation. Final.”
Subject matter of the case: the appeal lodged by Euroins Romania Asigurare Reasigurare S.A. against Judgment no. 473/23.06.2020, by which the Bucharest Court of Appeal ordered the following:
Notes: on the merits, the case concerned the inital application by which the applicant requested the court to annul ASF Decision no. 1181/26.09.2019 and, as a consequence, to exempt the Company from the payment of the fine in the amount of 50,000 lei, established by Article 1 of the Decision.
The ruling of the court can be consulted at:
By Judgment no. 1639/26.10.2022, the Bucharest Court of Appeal rendered the following decision in favour of ASF, against Depozitarul Central S.A.:
Ruling made in brief:
“Admits the obsolence of this appeal. Declares the present appeal to be obsolete.
With appeal within 5 days of delivery.”
Subject matter of the case: order Depozitarul Central S.A. and A.S.F. to pay:“[...] a number of 1,023,4571 Fondul Proprietatea shares, with a nominal value of 1 leu/share; [...] the dividends for the years 2013, 2014, 2015 according to the calculations made by Fondul Proprietatea, namely, the payment of 137,503 lei.
Notes: By judgment under appeal no. 2764/10.07.2017, the Bucharest Tribunal dismissed the action brought by the appellants.
Previously, as regards ASF, the court of first instance accepted the plea of lack of standing of the institution, the dispute continuing only with Depozitarul Central.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=300000000694967&id_inst=2
By Judgment no. 1937/27.10.2022, the Bucharest Court of Appeal rendered the following decision, partially in favor of ASF, against Bogdan Alexander Adamescu, as Chairman of the Board of Directors of Unirea Shopping Center S.A.:
Ruling made in brief:
"Dismisses as unfounded the plea of inadmissibility. Admits the application in part. Annuls in part Decisions no. 169/17.02.2022 and no. 466/14.04.2022. Decreases the fine from 23.900 lei to 3000 lei. Upholds the remainder of the challenged acts. Dismisses the remainder of the application as unfounded. The application for costs is granted in part. Orders the defendant to pay the claimant's costs in the amount of 2,050 EUR as legal stamp duty and lawyers' fees.
With appeal within 15 days of service. (...)”
Subject matter of the case: the application brought by Bogdan Alexander Adamescu, in his capacity as Chairman of the Board of Directors of Unirea Shopping Center S.A., asking the Court:
(a) principally, annulment of ASF Decisions no. 169/17.02.2022 and no. 466/14.04.2022 and, as a consequence, annulment of all the measures ordered on the basis thereof, namely, that of imposing a fine on him in the amount of 23,900 lei, as well as that of publishing the Decision on the ASF website and the Bucharest Stock Exchange;
(b) in the alternative, annul, in part, those decisions in order to replace the fine provided for in Art. 147 para. (1) letter a)[1] of Law no. 24/2017 on issuers of financial instruments and market operations, or the reduction of the fine applied to the minimum provided for by the provisions of art. 154 para. (3) letter (b) point (ii) of the above-mentioned normative act.
Specifically, the court upheld ASF's findings in the sanctioning decision, but reduced the amount of the fine from 23,900 lei to 3,000 lei.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000408403&id_inst=2
By Judgment no. 1980/31.10.2022, the Bucharest Court of Appeal rendered the following decision, in favour of ASF, against Robert Iulian Dănilă, as Chairman of the Board of SSIF BRK Financial Group S.A.:
Ruling made in brief:
“Dismisses the application as unfounded.
With appeal within 15 days of service.”
Subject matter of the case: action for annulment brought by Robert Iulian Dănilă, in his capacity as Chairman of the Board of Directors of SSIF BRK Financial Group S.A., against ASF Decision no. 263/7.03.2022, by which he was sanctioned with a warning, following the periodic inspection carried out by ASF at S.S.I.F. BRK Financial Group S.A.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000406881&id_inst=2
[1]In the event of a finding of an infringement of Article 146, the following penalties and administrative measures may be imposed: a) a statement indicating the natural person or legal entity responsible and the nature of the infringement.
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