Bucharest, 6 October 2023 – In September 2023, the courts ruled in favor of ASF in the following relevant cases:
By Judgment No. 1262/19.09.2023, the Bucharest Court of Appeal ruled in favour of ASF, against claimant Barbu Daniela, as member of the Board of Directors of Navexim S.A. Galați.
The solution in a nutshell:
„Dismisses the action as unfounded.
Right of appeal within 15 days as of the document is served (...).”
Subject-matter of the case: „ reassessment of the penalty applied” based on ASF Decision no. 1736/28.12.2022, by which claimant Barbu Daniela, as member of the Board of Directors of Navexim S.A. Galați, was fined RON 18,500 for non-compliance with the measure ordered by ASF Decision no. 386/29.03.2023.
The court’s ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000417673&id_inst=2
By Judgment No. 1273/20.09.2023, Bucharest Court of Appeal ruled in favour of ASF, against claimants Constantin Ștefan, S.C. Investment Constantin S.R.L. and S.C. Benjamins United S.R.L.
The solution in a nutshell:
„ Declares that the action is time-barred.
Right of appeal within 5 days as of the document is served (...)”
Subject-matter of the case: the application by which the claimant requested the court, inter alia, (i) to annul the ASF Decision No. 1267/25.10.2018, by which claimant Ștefan Constantin was fined RON 80,000 and by which Investment Constantin S.R.L. was ordered to pay the fine of RON 80,000 together with the persons with whom he allegedly acted in concert, to submit the documentation relating to the mandatory public takeover bid for Electroargeș; (ii) to annul the ASF Decision no. 1519/13.12.2018, which rejected the preliminary complaint lodged against the sanctioning decision.
The court’s ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000374081&id_inst=2
By Judgment No. 3991/20.09.2023, the High Court of Cassation and Justice has ruled partially in favour of ASF, against appellant-claimant Buzera Barbu Mircea, as Vice-Chairman of the Board of Directors of the company Societate de Asigurare-Reasigurare City Insurance S.A.
The solution in a nutshell:
„Admit the appeal filed by the appellant-claimant Buzera Barbu Mircea against Judgment No. 1637 of 11 November 2021 delivered by the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII. Sets aside the judgment under appeal and remits the case to the Court of First Instance: Admit, in part, the application for a writ of summons brought by the applicant Buzera Barbu Mircea against the defendant Financial Supervisory Authority. Reduces the fine imposed by Decision No 84/25.01.2021, issued by defendant Financial Supervisory Authority, from RON 500,000 to RON 250,000. Final.”
Subject-matter of the case: The appeal brought by Mr. Buzera Barbu Mircea against Civil Judgment No. 1637/11.11.2021, by which Bucharest Court of Appeal dismissed the action of the appellant-claimant for the annulment of the ASF Decision No. 84/25.01.2021, as unfounded.
Notes: on the merits, the subject-matter of the case was the annulment of the ASF Decision No. 84/25.01.2021, by which the appellant-claimant, in his capacity as Vice-Chairman of the Board of Directors of the company Societate de Asigurare-Reasigurare City Insurance S.A., was fined RON 500,000.
Basically, by its decision, the Court of First Instance upheld the legality and the merits of the ASF Decision No. 84/25.01.2021, reducing only the amount of the fine imposed on the appellant-claimant from RON 500,000 to RON 250,000.
The court’s ruling can be found at:
By Judgment No. 415/21.09.2023, Cluj Court of Appeal ruled in favour of ASF, against claimant Mathe Francisc, as Chairman of the Board of Directors of Prebet Aiud S.A. at the date of the sanction.
The solution in a nutshell:
„Take note of the waiver of the claimant Mathe Francisc from the administrative proceedings against the defendant Financial Supervisory Authority, having as subject-matter of the annulment of the ASF Decision No. 985/10.08.2021.
With right of appeal within 15 days as of the document is served.”
Subject-matter of the case: annulment of ASF Decision No. 985/10.08.2021, which imposed a fine of RON 12,800 on the claimant, in his capacity as Chairman of the Board of Directors of Prebet Aiud S.A..
The court’s ruling can be found at:
https://portal.just.ro/33/SitePages/Dosar.aspx?id_dosar=200000000407183&id_inst=33
By Judgment No. 1454/27.09.2023, Bucharest Court of Appeal ruled in favour of ASF, against the Confederation of Authorized Operators and Carriers in Romania (COTAR).
The solution in a nutshell:
„ Dismisses the action as unfounded.
Right of appeal within 15 days as of the document is served.”
Subject-matter of the case: application for annulment of the provisions of Art. I, points 16-20 of ASF Rule No. 18/2022 amending and supplementing ASF Rule No. 20/2017 on motor insurance in Romania.
The court’s ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000414119&id_inst=2
By Judgment No. 4145/28.09.2023, The High Court of Cassation and Justice ruled in favour of ASF, against appellant-claimant Luțac Gheorghe, as member of the Supervisory Board of S.I.F. Transilvania S.A. (now Transilvania Investments S.A.), at the sanctioning date.
The solution in a nutshell:
„Dismisses the appeal brought by the claimant Luțac Gheorghe against Judgment No. 796 of 20 May 2021 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII as unfounded.
Final.”
Subject-matter of the case: the appeal brought by the appellant-claimant against Civil Judgment No. 796/20.05.2021, by which the Bucharest Court of Appeal dismissed the action as unfounded.
Notes: on the merits, the subject-matter of the case was the application for annulment of the ASF Decision No. 810/08.07.2020, by which the appellant-claimant, as a member of the Supervisory Board of S.I.F. Transilvania S.A., was sanctioned with a fine in the amount of RON 15,000 as he participated on 23.04.2020 in the meeting of the Supervisory Board of SIF Transilvania S.A. convened by Mr Szabo Ștefan, who artificially assumed the capacity of Chairman of the Supervisory Board.
The court's judgment can be found at:
By Judgment No. 4147/28.09.2023, The High Court of Cassation and Justice ruled in favour of ASF, against claimant Ciurezu Tudor, as Chairman of the Supervisory Board of S.I.F. Oltenia (Infinity Capital Investments S.A.) at the sanctioning date.
The solution in a nutshell:
„Admits the appeal brought by the defendant Financial Supervisory Authority against Judgment No. 422 of 8 March 2022 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII. Sets aside the judgment under appeal and rejudges: Dismisses the application for suspension brought by the claimant Ciurezu Tudor, as unfounded.
Final.”
Subject-matter of the case: the appeal filed by ASF against Civil Judgment no. 422/08.03.2022, by which Bucharest Court of Appeal admitted the request for suspension of the execution of the ASF Decision No. 1286/23.10.2019 filed by the respondent-claimant.
Notes: on the merits, the subject-matter of the case was the application for a writ of summons filed in Case No. 229/2/2020, by the respondent-claimant Ciurezu Tudor, by which he requested:
By the Decision of 11.11.2020, delivered by the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section, the application for suspension of the execution of the ASF Decision No. 1286/23.10.2019 was rejected as unfounded.
The respondent-claimant Ciurezu Tudor appealed against this decision, and by Judgment no. 3835/23.06.2021, delivered by The High Court of Cassation and Justice - Administrative and Fiscal Litigation Section, the appeal was upheld, the Judgment was set aside and the case was sent for retrial to the same court, where the case was registered under no. 229/2/2020* (file in question).
Following the retrial, by Civil Judgment no. 422/08.03.2022 (the appealed judgment), the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section admitted the request for suspension made by the respondent-claimant Ciurezu Tudor and, consequently, ordered the suspension of the execution of the ASF Decision No. 1286/23.10.2019 until the final judgment on the annulment of the administrative act on the merits.
Against Civil Judgment No. 422/08.03.2022, ASF lodged an appeal, which was admitted by the High Court of Cassation and Justice by Judgment No. 4147/28.09.2023, as mentioned above.
The court's judgment can be found at:
By Judgment No. 4146/28.09.2023, the High Court of Cassation and Justice has ruled partially in favour of ASF, against the appellant-claimant Arampova Aelita, as member of the Supervisory Board of SAR City Insurance S.A., at the sanctioning date.
The solution in a nutshell:
„Admits the appeal brought by the claimant Arampova Aelita against Judgment no. 1822 of 2 December 2021 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII. Sets aside the judgment under appeal and, rejudging: upholds in part the action brought by the claimant Arampova Aelita against the defendant Financial Supervisory Authority. Annuls in part Decision No. 89/25.01.2021 issued by the Financial Supervisory Authority, as regards the fine imposed, which it reduces from RON 450,000 to RON 100,000.
Final.”
Subject-matter of the case: the appeal brought by the appellant-claimant against Civil Judgment No. 1822/2.12.2021, by which the Bucharest Court of Appeal dismissed, as unfounded, the action having as subject-matter of the case the request for annulment of the ASF Decision No. 89/25.01.2021 concerning the sanctioning of Ms. Arampova Aelita, as a member of the Supervisory Board of SAR City Insurance S.A., with a fine in the amount of RON 450,000 at the sanctioning date.
In practice, by its decision, the High Court of Cassation and Justice upheld the legality and the merits of the ASF Decision no. 89/25.01.2021, reducing only the amount of the fine imposed on the appellant-claimant from RON 450,000 to RON 100,000.
The court's judgment can be found at:
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