Bucharest, 16 April 2024 - In March 2024, courts ruled in favour of ASF in the following cases:
By Judgement no. 329/1.03.2024, the Bucharest Court of Appeal rendered the following decision in favour of ASF, against ICESA S.A.
Ruling made in brief:
“Dismisses the connected claims as unfounded. Dismisses the application for suspension of operation of Decision no. 804/10.08.2023 as unfounded.
With a right of appeal within 5 days of notification of the decision on the application for a stay of execution (...).
With a right of appeal within 15 days of notification of the decision on the substance of the case (...). ”
Subject-matter: In case file no. 8066/2/2022:
In case file no. 5699/2/2023:
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000415268&id_inst=2
By Judgement no. 1321/7.03.2024, the High Court of Cassation and Justice ruled in favour of ASF, against the appellant-claimant Gabriel Purice, in his capacity as Chairman of the Board of Directors of the financial investment services company Bursa Română de Mărfuri S.A. (Romanian Commodities Exchange).
Ruling made in brief:
“Dismisses the appeal brought by the claimant Gabriel Purice against Judgement no. 283 of 16 February 2022, 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 against Judgement no. 283/16.02.2022, by which the Bucharest Court of Appeal dismissed the action as unfounded.
Notes: on the merits, the case concerned the annulment of ASF Decision no. 801/22.06.2021 which ordered the sanctioning of Mr. Gabriel Purice, in his capacity as Chairman of the Board of Directors of the financial investment services company Bursa Română de Mărfuri S.A. (Romanian Commodities Exchange) with a fine of RON 2,300.
The ruling of the court can be consulted at:
By Judgement no. 395/11.03.2024, the Bucharest Court of Appeal rendered the following decision in favour of ASF against claimant Paul Dan Viorel, as member of the Board of Directors/General Manager of S.S.I.F. Finaco Securities S.A. at the sanctioning date.
Ruling made in brief:
“Dismisses the application as unfounded.
With appeal within 15 days of service.(...)”
Subject-matter:
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000421045&id_inst=2
By Judgement no. 419/13.03.2024, the Bucharest Court of Appeal rendered the following decision in favour of ASF, against claimant Euroins Insurance Group AD (EIG AD).
Ruling made in brief:
”Dismisses the plea of lack of subject-matter and the plea of lack of interest raised by the defendant Financial Supervisory Authority as unfounded. Admit the plea of lack of locus standi (plea of inadmissibility) raised by the defendant State of Romania. Dismisses the application brought against that defendant as being brought against a person without locus standi. Dismisses the remainder of the application as unfounded. Orders the claimant to pay to the defendant Financial Supervisory Authority the sum of RON 12,000 as part of the expert's fees, by way of costs.
With appeal within 15 days of service (...)”
Subject-matter:
iii. order ASF and the Romanian State, through the Ministry of Finance, jointly and severally, to pay damages in the amount of RON 22,167,450, equivalent to Eur 4,500,000, as pecuniary damage caused as a result of the rejection of the takeover project, and order the payment of damages in the amount of RON 500,000, as non-pecuniary damage suffered by the claimant.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000397799&id_inst=2
By Judgement no. 473/20.03.2024, the Bucharest Court of Appeal rendered the following decision in favour of ASF, against claimant Euroins România Asigurare Reasigurare S.A.
Ruling made in brief:
“Dismisses the application as unfounded.
With appeal within 15 days of service (...)”
Subject-matter: action by which SAR Euroins S.A. seeks:
(i) in the main, annulment of ASF Decision no. 1531/7.11.2022, by which the claimant was fined RON 422,600 and all the acts and transactions on the basis of which it was issued;
(ii) in the alternative, replace the fine with a warning or reduce the amount of the fine;
- the reimbursement of 50% of the amount of the fine imposed, or the difference if the alternative ground of reduction of the fine is upheld.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000416402&id_inst=2
By Judgement no. 1699/26.03.2024, the High Court of Cassation and Justice rendered a partially favourable decision to ASF, against the appellant-claimant Adamescu Bogdan Alexander, in his capacity as Chairman of the Board of Directors of Unirea Shopping Center.
Ruling made in brief:
”Dismisses the plea of invalidity of the cross-appeal raised by the appellant-claimant the Financial Supervisory Authority. Dismisses the main appeal brought by the defendant Autoritatea de Supraveghere Financiară and the cross-appeal brought by the claimant Bogdan Alexander Adamescu, both against civil judgement No 1937/2022 of 27 October 2022 of the Bucharest Court of Appeal - Ninth Administrative and Fiscal Litigation Section, as unfounded.
Final.”
Subject-matter: 1. the appeal lodged by ASF against Civil Judgement no. 1937/27.10.2022 concerning the judicial reindividualization of the fine of RON 23,900 imposed on Mr. Adamescu Bogdan Alexander, in his capacity as Chairman of the Board of Directors of Unirea Shopping Center.
By the civil judgement under appeal, the Bucharest Court of Appeal upheld, in part, Mr. Adamescu Bogdan Alexander's action, annulling, in part, ASF Decisions no. 169/17.02.2022 and no. 466/14.04.2022 (which rejected the prior complaint), with the consequence of reducing the fine actually imposed from RON 23,900 to RON 3,000 (the special minimum provided for by law);
Notes: specifically, by its decision, the High Court of Cassation and Justice upheld the decision of the Bucharest Court of Appeal and, implicitly, the findings of ASF contained in the penalty decision, confirming the reasoning of the first instance to reduce the amount of the fine imposed on Mr. Bogdan Alexander Adamescu from RON 23,900 to RON 3,000.
The ruling of the court can be consulted at:
By Judgement no. 1814/28.03.2024, the High Court of Cassation and Justice rendered the following decision in favour of ASF, against Euroins România Asigurare Reasigurare S.A.
Ruling made in brief:
”Admits the appeal filed by the appellant-claimant Euroins România Asigurare Reasigurare S.A., through the judicial liquidator CITR Filiala București SPRL, against the civil judgement no. 1143 of 15 October 2021 of the Bucharest Court of Appeal - Ninth Administrative and Fiscal Litigation Section. Sets aside the judgement under appeal and ruling on appeal: Partially upholds the action brought by the claimant Euroins România Asigurare Reasigurare S.A. Partially annuls Decision no. 39/13.01.2021 issued by the defendant Financial Supervisory Authority, in so far as it reduces the amount of the fine imposed on the claimant to the sum of RON 100,000. Orders the defendant Financial Supervisory Authority to reimburse the claimant Euroins România Asigurare Reasigurare S.A. the difference between the fine paid and the fine due according to this decision. Upholds the remainder of the judgement. Final. ”
Subject-matter: action by which SAR Euroins S.A. applied to the court for:
- in the main: (i) the annulment of ASF Decision no. 39/13.01.2021, and exemption of the Company from the payment of the fine imposed and from the obligation to draw up the plan of measures;
(ii) the reimbursement of 50% of the amount paid by way of fine;
- in the alternative: reduction of the fine or its replacement by a warning.
Notes: on the merits of the case, by Civil Judgement no. 1433/15.10.2021, the Bucharest Court of Appeal dismissed the action of SAR Euroins S.A. as unfounded.
By ASF Decision no. 39/13.01.2021, Euroins was fined RON 450,000. At the same time, ASF ordered the company to submit to ASF a plan of measures to remedy the deficiencies found and prevent similar situations arising in the future, within 30 working days from the date of receipt of the contested decision. The company was sanctioned for a number of facts found in connection with the management of some damage files.
Specifically, in its decision, the High Court of Cassation and Justice upheld ASF Decision no. 39/13.01.2021 as well founded and lawful, reducing only the amount of the fine imposed from RON 450,000 to RON 100,000.
The ruling of the court can be consulted at:
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