PRESS INFORMATION: JUDGMENTS RULED IN FAVOUR OF THE FINANCIAL SUPERVISORY AUTHORITY IN JULY 2023

Bucharest, 7 August 2023 - In July 2023, the courts ruled in favour of ASF in the following relevant cases:

Bucharest Court of Appeal - Case file no. 535/2/2023

By Judgment No 1201/3.07.2023, the Bucharest Court of Appeal ruled in favour of ASF, against claimant Neag Adrian Sabin, as sole shareholder of Duplex S.A. Făgăraș.

The solution in a nutshell:

"Dismisses the application as unfounded.

With appeal within 15 days of service (...)"

Subject-matter: Action brought by claimant Neag Adrian Sabin seeking the annulment of ASF Decision No 1740/29.12.2022, by which ASF ordered the sanctioning of the claimant as sole director of Duplex S.A. Făgăraș, with a fine in the amount of RON 19,400, for failure to comply with the obligations laid down by ASF Decision No 388/29.03.2022 and for failure to comply with the legal obligation to publish the Annual Financial Report for the financial year 2021, with all its components.

The court's ruling can be found at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000417612&id_inst=2

Bucharest Court of Appeal - Case file no. 4920/2/2018*

By Judgment No 1092/3.07.2023, the court ruled in favour of ASF, against claimants SIF Transilvania, Mihai Fercală, Iulian Stan, Petru Mihalcea, Gheorghe Lutac, Ștefan Szabo, Dumitru Carapiti, Adriana Mărioara Boian, Gavril Ola, Mircea Rădus, Dragoș Călin, Mihaela Susan and Ștefan Szitas.

The solution in a nutshell:

"Dismisses the objections of lack of locus standi raised by the defendants individuals as unfounded. Dismisses the objection of lack of standing of SIF Transilvania as unfounded. Dismisses the application as unfounded. Orders the claimants, individuals, jointly and severally, to pay (...), by way of costs.

With appeal within 15 days of service (...)"

Subject-matter: action for civil liability in tort for payment by the defendant ASF and the other defendants of non-material damage in the amount of RON 91,000.

Note: this case was, at the first trial date, disjoined from case no 887/2/2018, and was subsequently suspended pending the outcome of the case from which it was disjoined (the court considered it necessary to resolve, first of all, the action for annulment of the contested administrative acts and only subsequently the action for civil liability in tort).

Subject-matter of Case file no. 887/2/2018: annulment in its entirety of ASF Decisions Nos 1138, 1139, 1142, 1143, 1145, 1146, 1148, 11501, 1151, 1152, 1154 and 1156 of 16 August 2017 (fines totalling RON 91,000 imposed on the claimants). The Bucharest Court of Appeal dismissed the claimants' action as unfounded, a decision upheld by the High Court of Cassation and Justice by Civil Judgment No 3668/21.06.2022.

The case No 887/2/2018 having been finally resolved, the Court has reopened this case.

The court's ruling can be found at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000419117&id_inst=2

Timișoara Court - Case file no. 7058/325/2023

By Judgment No 15924/5.07.2023, the court ruled in favour of ASF, against the appellant Buzera Barbu-Mircea.

The solution in a nutshell:

"Dismisses the appeal against enforcement. Dismisses the application for stay of execution. Without costs.

With appeal within 10 days of service (...)"

Subject-matter: challenge to the enforcement lodged by Mr. Buzera Barbu-Mircea (regarding the enforcement of the claim for the fine due to the ASF budget, established by ASF Decision No 84/25.01.2021).

The court's ruling can be found at:

https://portal.just.ro/325/SitePages/dosar.aspx?id_inst=325&id_dosar=32500000000591242

Bucharest Court of Appeal - Case file no. 3391/2/2022

By Judgment No 1111/7.07.2023, the Bucharest Court of Appeal ruled in favour of ASF, against claimant Marchiș Liliana, as a shareholder who indirectly controlled, at the date when it was sanctioned, the issuer Societatea Construcții Napoca S.A.

The solution in a nutshell:

"Admit the plea of inadmissibility. Dismisses as inadmissible the head of claim seeking annulment of Decision No 204/24.02.2022. Dismisses the remainder of the action as unfounded

With appeal within 15 days of service (...)".

Subject matter: - Admissibility of the plea of illegality against ASF Decision No 102/30.01.2021, ASF Decision No 560/06.05.2020, ASF Decision No 818/08.07.2020, ASF Decision No 1240/16.10.2020 and ASF Decision No 155/01.02.2021;

- annulment of ASF decision No 6/06.01.2022 in its entirety, by which the claimant was fined RON 369,700.

The court's ruling can be found at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000408318&id_inst=2

Bucharest Court of Appeal – Case file no. 3625/2/2022

By Judgment No 1276/24.07.2023, the court ruled in favour of ASF, against claimant Euroins România Asigurare Reasigurare S.A.

The solution in a nutshell:

"Admit the application for referral to the CCR. Order the CCR to resolve the unconstitutionality objections raised by the claimant. Dismisses the application for a stay of proceedings as unfounded. Dismisses the plea of inadmissibility of the action as unfounded. Dismisses the action as unfounded.

With appeal within 15 days of service (...)"

Subject-matter: annulment of ASF Decision No 275/09.03.2022, by which claimant Euroins România Asigurare Reasigurare S.A. was fined RON 229,500.

The court's ruling can be found at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000408622&id_inst=2