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    Press Briefing Judgments ruled in favour of the Financial Supervisory Authority in May 2022

Press Briefing Judgments ruled in favour of the Financial Supervisory Authority in May 2022

Bucharest, 9 June 2022 - In May 2022, the courts ruled in favour of A.S.F. in the following relevant cases:

  1. Bucharest Court of Appeal - Case file no. 2062/2/2022

By Judgment no. 827/2022, delivered on 3.05.2022, the Bucharest Court of Appeal ruled in favour of A.S.F., against applicant Euroins România Asigurare-Reasigurare S.A.

Ruling made in brief:

Dismisses the application for suspension as unfounded.

With appeal within 5 days of service.(...)”

Subject matter of the case:  the application made by applicant Euroins România Asigurare-Reasigurare S.A. to suspend the execution of the A.S.F. Decision no. 309/15.03.2022 by which the company was sanctioned with a fine of 2.398.700 lei.

The court’s solution can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000406502&id_inst=2

 

  1. High Court of Cassation and Justice - Case file no. 4271/2/2021

By Judgment no. 2399/2022, delivered on 3.05.2022, the High Court of Cassation and Justice partially ruled in favour of A.S.F., against the applicant Cristian Pascale, as a member of the Supervisory Board of Societate de Asigurare - Reasigurare City Insurance S.A.

Ruling made in brief:

„Dismisses the appeal lodged by the defendant-appellant A.S.F. and the cross-appeal lodged by the applicant-appellant Pascale Cristian against Judgment no. 1091 of 6 July 2021 of the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation as unfounded (...). Final.”

Subject matter of the case:  the appeals lodged against Civil Judgment no. 1091/6.07.2021 by which the Bucharest Court of Appeal ordered the following summary judgment „Grants in part the application. Orders the suspension of the execution of art. 1 of Decision no. 722/03.06.2021 issued by A.S.F. regarding the sanctioning of the applicant with a fine in the amount of 1.000.000 lei, until the final settlement of the application for annulment. Dismisses the remainder of the application.. (...)

Subject matter of the case on the merits: Suspension of the enforcement of A.S.F. Decision no. 722/03.06.2021 by which A.S.F. sanctioned the applicant, as a member of the Supervisory Board of Societate de Asigurare - Reasigurare City Insurance S.A., with a fine of 1,000,000 lei and withdrawal of the approval granted by A.S.F.

The court’s solution can be consulted at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000397103

 

  1. High Court of Cassation and Justice - Case file no. 7647/2/2018

By Decision no. 2462/2022, delivered on 5.05.2022, the High Court of Cassation and Justice ordered a favourable decision in favour of A.S.F. against Electroargeș S.A.

Ruling made in brief:

„Dismisses the appeal filed by plaintiff Electroargeș S.A. against Judgment no. 2646 of 17 December 2019 of the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation, as unfounded.

Final.”

Subject matter of the case:  the appeal filed by Electroargeș S.A. against the civil judgment no. 2646/17.12.2019, delivered by the Bucharest Court of Appeal, by which the court dismissed the action brought by the applicant seeking the annulment of A.S.F. decisions no. 294/28.02. 2018 (rejecting the document of the public tender for the purchase of shares issued by Electroargeș S.A. Curtea de Argeș) and no. 520/25.04.2018 (rejecting the preliminary complaint), respectively order A.S.F. to eliminate the condition imposed in art. 2 of A.S.F. Decision no. 294/28.02.2018, as unfounded.

The court’s solution can be consulted at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000367429

 

  1. Bucharest Court of Appeal - Case file no. 3604/90/2014

By Judgment no. 121/2022, delivered on 5.05.2022, the Bucharest Court of Appeal ordered the following favourable solution for A.S.F., against applicant Belu Ana Maria, as representative of the Internal Control Department of SSIF Harinvest S.A.

Ruling made in brief:

Dismisses the action as unfounded.

With a right of appeal within 15 days of service (...)”

Subject matter of the case:  annulment of A.S.F. Decision no. 1252/19.12.2013 imposing a fine of 10,000 lei on the applicant as representative of the Internal Control Department of SSIF Harinvest S.A.

The court’s solution can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=9000000000069983&id_inst=2

 

  1. Bucharest Tribunal - Case file no. 33013/3/2021

By Judgment no. 1010/2022, delivered on 20.05.2022, the Bucharest Tribunal ordered a favourable decision in favour of A.S.F. against Rovigo S.P.R.L.

 

Ruling made in brief:

Take note of the discontinuance of the proceedings.

 With a right to appeal within 15 days of service (...)”

Subject matter of the case:  the action brought by the applicant Rovigo S.P.R.L. against defendant A.S.F., seeking, principally, the following:

  1. annulment of Decision no. 1355/28.10.2021 issued by A.S.F. rejecting the prior application as devoid of purpose;
  2. suspend the effects of letter no. P-DJ/3904 of 1/4 August 2021, by which A.S.F. communicated the result of the disqualification of Rovigo S.P.R.L. from the selection procedure for inclusion in the list of insolvency practitioners approved by A.S.F., pending the resolution of the merits of the action in administrative disputes, pursuant to Article 15 of Law no. 554/2004 on administrative disputes.

The court’s solution can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=300000000994766&id_inst=2

 

  1. Bucharest Court of Appeal - Case file no. 1162/2/2021

By Judgment no. 1017/2022, delivered on 20.05.2022, the Bucharest Court of Appeal ruled in favour of A.S.F., against Mr. Stoian Nicolae, as a member of the Board of Directors - SIF Oltenia at the date of the sanction.

Ruling made in brief:

„Dismisses the application as unfounded. With appeal within 15 days of service, to be lodged with the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation. Delivered on 20.05.2022 by making the solution available to the parties through the court registry in accordance with Article 402 final sentence of the Code of Civil Procedure”

Subject matter of the case:  suspend and annul the execution of A.S.F. Decisions no. 1300/03.11.2020 and no. 58/19.01.2021, respectively, until the resolution of the merits of the case, and annul the contested decisions in their entirety, which imposed a fine of 130,000 lei on Mr. Stoian Nicolae, in his capacity as member of the Board of Directors - SIF Oltenia S.A. at the date of the sanction, respectively that which rejected the preliminary application.

The court’s solution can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000392679&id_inst=2

 

  1. Bucharest Court of Appeal - Case file no. 1016/2/2021

By Judgment no. 1049/2022, delivered on 24.05.2022, the Bucharest Court of Appeal ruled in favour of A.S.F. against applicant Renato Szilagyi, in his capacity as Chairman of the Board of Directors of Societate de Asigurare-Reasigurare City Insurance S.A. at the date of the sanction.

Ruling made in brief:

„(...) Dismisses the action brought and supplemented by applicant Renato Szilagyi against defendant Financial Supervisory Authority as unfounded.

With a right of appeal within 15 days from the date of service, the application for appeal to be lodged with the Bucharest Court of Appeal.”

Subject matter of the case:  the action brought by Mr Renato Szilagyi, in his capacity as Chairman of the Board of Directors of Societate de Asigurare-Reasigurare City Insurance S.A. at the date of the sanction, asking the court to:

  1. declare null and void Article 1 of A.S.F. Decision no. 83/25.01.2021 concerning the sanctioning of the applicant with a fine in the amount of 530,000 lei;
  2. annul Article 1 of A.S.F. Decision no. 83/25.01.2021

The court’s solution can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000392477&id_inst=2

 

  1. Bucharest Court of Appeal - Case file no. 2141/2/2019

By Judgment no. 1084/2022, delivered on 30.05.2022, the Bucharest Court of Appeal ruled in favour of A.S.F. against SIF Transilvania S.A. (Transilvania Investments Alliance).

Ruling made in brief:

„Takes note of the applicant's discontinuance of the proceedings.

With a right of appeal within 15 days of service.”

Subject matter of the case:  Annulment of Article 3 of A.S.F. Decision no. 1095/13.09.2018, by which the authority established the obligation for the Management Board of SIF Transilvania S.A. to convene the General Meeting of Shareholders with the inclusion on the agenda of an item providing for the appointment of a new member of the Supervisory Board of the company in order to complete the composition in the number provided for by the Articles of Incorporation.

The court’s solution can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000372316&id_inst=2

 

  1. Bucharest Court of Appeal - Case file no. 4553/3/2021**

By Judgment no. 864/2022, delivered on 31.05.2022, the Bucharest Court of Appeal ruled in favour of A.S.F. against plaintiff Frățilă Constantin.

Ruling made in brief:

„Dismisses the appeal as unfounded.

With a right of appeal within 30 days of service.”

Subject matter of the case:  the appeal lodged by the appellant-claimant Frățilă Constantin against Civil Judgment no. 1382/29.09.2021, by which the Bucharest Tribunal dismissed the claim brought by the claimant as unfounded.

Notes:  on the merits, the case concerned an action for civil patrimonial liability, by which the plaintiff Frățilă Constantin requested:

  • order A.S.F. to pay the amount of 799,936 lei as compensation for the damage caused during the period 13.09.2018 - 17.01.2020, by filing a criminal complaint for the offence of manipulation of the capital market;
  • order defendant A.S.F. to pay the amount of 1 leu as non-pecuniary damage;
  • order defendant A.S.F. to publish in BVB and in two central newspapers the judgment to be delivered in the case;
  • order defendant A.S.F. to pay the costs of these proceedings.

The court’s solution can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=300000000963632&id_inst=2