Bucharest, June 6th, 2024 – In May 2024, the courts ruled in favor of ASF in the following relevant cases:
By Judgment no. 743 dated May 9th, 2024, the Bucharest Court of Appeal ruled in favor of ASF, against the petitioner Sorin-Ion Rădulescu, in his capacity as Head of Portfolio Department within Transilvania Investments Alliance S.A., on the sanctioning date.
Ruling made in brief:
“Dismisses the judicial summons as ill-founded.
Right of appeal within 15 days as of the document was served (...)”
Subject-matter: action whereby the petitioner sought, inter alia, mainly the annulment of ASF Decision no. 108 of February 3rd, 2023, whereby Mr. Sorin-Ion Rădulescu, in his capacity as Head of Portfolio Department within Transilvania Investments Alliance S.A., was fined by RON 3,200.
The court's ruling can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000430655&id_inst=2
By Judgment no. 828 of May 10th, 2024, the Bucharest Court of Appeal ruled in favor of ASF against the petitioner Mr. Burnei David, in his capacity as member of the Board of Directors of Mettexin S.A., on the sanctioning date
Ruling made in brief:
“Dismisses the judicial summons as ill-founded.
Right of appeal within 15 days as of the document was served (...)”
Subject -matter: action whereby the petitioner sought from the Court to have the sanction imposed via ASF Decision no. 717 on July 18th, 2023- in his capacity as member of the Board of Directors of Mettexin S.A.-, replaced from a fine of RON 12,600 to a warning.
The court's ruling can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000425508&id_inst=2
By Judgment no. 2502 of May 14th, 2024, the High Court of Cassation and Justice ruled in favor of the appellant-petitioner Tanja Blatnik – General Manager of Euroins România Asigurare Reasigurare S.A., on the sanctioning date.
Ruling made in brief:
“Dismisses the petition to suspend trial pending the resolution of the appellant's plea of unconstitutionality as ill-founded. Dismisses the appeal brought by the applicant Tanja Blatnik against Civil Judgment No 463 of March 21st, 2023 delivered by the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII, as ill-founded.
This judgment is final”.
Subject-matter: appeal lodged by the appellant-petitioner Tanja Blatnik against the Civil sentence no. 463 of March 21st, 2023, ruled by the Bucharest Court of Appeal, whereby the petition for annulment of ASF Decision no. 310 of March 15th, 2023 on the sanctioning of Mrs. Tanja Blatnik to a fine of RON 98,500, in her capacity as General Manager of Euroins România Asigurare Reasigurare S.A., on the decision date, was dismissed as ill-founded.
The court's ruling can be consulted at:
By Judgment no. 2539 of May 15th, 2024, the High Court of Cassation and Justice ruled in favor of ASF against the appellant-petitioner Szabo Ştefan, in his capacity as member of the Supervisory Board of S.I.F. Transilvania S.A. (SIF 3, currently Transilvania Investments Alliance S.A.), on the sanctioning date.
Ruling made in brief:
“Dismisses the appeal lodged by appellant-petitioner Szabo Ştefan against the Civil sentence no. 1530 of October 26th, 2021 ruled by the Bucharest Court of Appeal- Section IX - Administrative and Fiscal Litigation, as ill-founded.
This judgment is final.”
Subject-matter: appeal lodged by the appellant-petitioner against the Civil sentence no. 1430 of October 26th, 2021, whereby the first instance court dismissed the judicial summons brought by the appellant-petitioner as ill-founded.
Mentions: on the merits, the subject-matter of the proceedings was the action by which the appellant-claimant sought, inter alia, the annulment in its entirety of ASF Decision No 808 of July 8th, 2020, by which Mr. Szabo Ștefan was fined to RON 25,000 as a member of the Supervisory Board of S.I.F. Transilvania S.A. (now Transilvania Investments Alliance S.A.), and, consequently, the removal of the sanction imposed as unlawful and unfounded.
The court's ruling can be consulted at:
By Judgment no. 2721 of May 22nd, 2024, the High Court of Cassation and Justice ruled in favor of ASF against the appellant-petitioner Euroins România Asigurare Reasigurare S.A.
Ruling made in brief:
“Dismisses the appeal lodged by the petitioner Euroins România Asigurare Reasigurare SA, through the provisional liquidator CITR Bucharest Branch SPRL against Civil Judgment No. 1329 of July 22nd, 2022, rendered by Bucharest Court of Appeal – Administrative and Fiscal Litigation Section VIII, as ill-founded.
Judgment is final.”
Subject-matter: appeal lodged by appellant-petitioner against the Civil sentence no. 1329 of July 22nd, 2022, ruled by the Bucharest Court of Appeal, whereby the judicial summons brought by the appellant-petitioner was dismissed as ill-founded.
Mentions: on the merits, the case referred to the judicial summons whereby SAR Euroins sought from the court, inter alia, principally to rule the reduction of the fine, further to the re-individualization of the sanction imposed by ASF, in view of the failure to comply with the principle of proportionality and qualified reasoning and the criteria for individualizing the sanction.
By ASF Decision no. 1662 of December 21st, 2022, SAR Euroins S.A. was fined by RON 3,546,000 for a total of 31 offences (Article 1 of the Decision) and, at the same time, a series of measures were ordered and obligations were imposed on the Company (Articles 2-4 of the Decision).
The court's ruling can be consulted at:
By Judgment no. 2864 of May 27th, 2024, the High Court of Cassation and Justice ruled in favor of ASF against the appellant-petitioner Bogdan Alexander Adamescu, in his capacity as Chairman of the Board of Directors and legal representative of Compania Hotelieră Intercontinental România S.A., on the sanctioning date.
Ruling made in brief:
“Dismisses the appeals brought by petitioner Bogdan Alexander Adamescu against the Civil sentence no. 545 of March 24th, 2023 and against the Civil sentence no. 1196/2023 of June 30th, 2023, both ruled by Bucharest Court of Appeal – Administrative and Fiscal Litigation Section IX, as ill-founded.
Judgment is final”.
Subject-matter: appeal lodged by the appellant-petitioner against the Civil sentence no. 545 of March 24th, 2023, whereby the Bucharest Court of Appeal ruled the following, in brief: “Grants the petition for supplementation. Rules the supplementation of the Civil sentence no. 545 of March 24th, 2023, within the meaning of dismissing as ill-founded and petition for annulment of Decision no. 1247 of September 13th, 2022, made by the Financial Supervisory Authority. Dismisses the petition for clarification as devoid of purpose”.
Mention: on the merits, the case referred to the action whereby Mr. Bogdan Alexander Adamescu sought from the court inter alia, principally to annul ASF Decision no. 1172 of August 28th, 2022 and as a consequence, annul all measures taken on its ground, i.e.: sanctioning of the appellant-petitioner Bogdan Alexander Adamescu, in his capacity as Chairman of the Board of Directors and legal representative of Compania Hotelieră Intercontinental România S.A., by a fine of RON 12,500, as well as publication of the Decision on ASF and BVB’s websites, since they were unlawful and ill-founded, with the consequence of exemption from the fine.
The court's ruling can be consulted at:
By Judgment no. 2875 of May 28th, 2024, the High Court of Cassation and Justice ruled in favor of ASF against the appellant-petitioner Oancea Daniel, in his capacity as General Manager of I.O.R.
Ruling made in brief:
“Dismisses the appeal lodged by the appellant-petitioner Oancea Daniel against the Civil sentence no. 669 of April 21st, 2023 ruled by Bucharest Court of Appeal – Administrative and Fiscal Litigation Section VIII, as late submission.
Judgment is final”.
Subject-matter: appeal lodged by the appellant-petitioner against the Civil sentence no.669 of April 21st, 2023, whereby Bucharest Court of Appeal dismissed the action as ill-founded.
Mention: on the merits, the case referred to the annulment in whole of ASF Decision no. 1174 of August 25th, 2022, whereby the appellant-petitioner, in his capacity as General Manager of I.O.R., was given a warning for failure to comply on time with the obligation to publish the financial report for 2020, as rectified via ASF Decision no. 1249 of September 13th, 2022.
The court's ruling can be consulted at:
*********
Despre Autoritatea de Supraveghere Financiară
Autoritatea de Supraveghere Financiară este autoritatea naţională, înfiinţată în anul 2013 prin OUG 93/2012 aprobată prin Legea 113/2013, pentru reglementarea şi supravegherea pieţelor asigurărilor, a pensiilor private, precum şi a pieţei de capital. A.S.F. contribuie la consolidarea cadrului integrat de funcţionare a celor trei sectoare, care însumează peste 10 milioane de participanţi. Mai multe informaţii puteţi găsi pe www.asfromania.ro.
Authorization
Supervision
Legislation
Consumers
Reports
Sanctions
