Bucharest, 2 March 2023 –In February 2023, the courts ruled in favour of ASF in the following relevant cases:
By Judgment no. 500/2.02.2023, the High Court of Cassation and Justice ruled in favour of ASF, against the Company Grant Thornton Audit S.R.L.
The solution in a nutshell:
“Finds the appeal lodged by the petitioner Grant Thornton Audit S.R.L. against Judgment No 97 of 27 January 2022 of the Bucharest Court of Appeal - Ninth Administrative and Tax Division, null and void.
This judgment is final.” (...)
Subject matter of the case: appeal brought by Grant Thornton SRL against the civil judgment no. 97/27.01.2022, by which the Bucharest Court of Appeal dismissed the claim brought by the petitioner as unfounded.
Mentions: on the merits, the case concerned an application for suspension of the execution of the ASF Decision no. 1344/22.10.2021, which ordered:
The court’s ruling can be found at:
By Judgment no. 153/3.02.2023, Bucharest Court of Appeal ruled in favour of ASF, against Mister Bărbănţan Dorin, in capacity as Chairman of the Board of Directors (CA) of Electroconstrucția Elco Alba Iulia.
The solution in a nutshell:
“Dismisses the action for annulment and suspension as unfounded.
Right of appeal within 15 days of service of the application for annulment and within 5 days of service of the head of claim regarding suspension. (...)"
Subject matter of the case:
2/2001.
The court’s ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000412944&id_inst=2
By Judgment no. 580/7.02.2023, High Court of Cassation and Justice ruled in favour of ASF, against the Company- Compania de Asigurari- Reasigurari Exim România S.A.
The solution in a nutshell:
“Annuls the appeal brought by the petitioner SC Compania de Asigurări-Reasigurări Exim România SA against civil judgment no. 332 of 29 May 2020 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII, as unmotivated.
This judgment is final.”
Subject matter of the case: the appeal against the civil judgment no. 332/29.05.2020, by which the Bucharest Court of Appeal dismissed, as unfounded, the action brought by Compania de Asigurări-Reasigurări Exim România S.A. for annulment of the ASF decision no. 904/10.07.2019 on sanctioning it with a written warning.
The court’s ruling can be found at:
By Judgment no. 212/8.02.2023, Bucharest Court of Appeal ruled in favour of ASF, against Mister Dumitrescu Andrei Sebastian, in his capacity as shareholder of the Company Oil Terminal S.A. Constanța.
The solution in a nutshell:
„(...) Dismisses the application for a stay of enforcement as unfounded. Orders the petitioner to pay to the defendant Prime Transaction SA the sum of Lei 2,500 in title of Court fees consisting of lawyers' fees.
Right to appeal, within 5 days of notification. (...)”
Subject matter of the case: petition brought by the petitioner Dumitrescu Andrei Sebastian, as a shareholder of Oil Terminal S.A. Constanța, for the suspension of the ASF Decision no. 46/17.01.2023 approving the Leaflet for the capital increase of Oil Terminal S.A. Constanța.
The court’s ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000417694&id_inst=2
By Judgment no. 636/8.02.2023, High Court of Cassation and Justice ruled in favour of ASF against Mister Renato Szilagyi, in his capacity as Chairman of the Directorate of the Company Asigurare - Reasigurare City Insurance S.A. on the sanctioning date.
The solution in a nutshell:
“Grants the appeal brought by the defendant-appellant Financial Supervisory Authority against Judgment No 474 of 2 April 2021 delivered by the Bucharest Court of Appeal - Ninth Administrative and Fiscal Litigation Section. Sets aside the judgment under appeal and remits the case to the Court of First Instance: Dismisses the action brought by the petitioner Renato Szilagyi against the Financial Supervisory Authority as unfounded. Dismisses the cross-appeal brought by the appellant Renato Szilagyi against the same judgment as unfounded.
This judgment is final.”
Subject matter of the case: the appeal lodged by the ASF against the Civil Judgment no. 474/2.04.2021, by which the Bucharest Court of Appeal ordered the suspension of the execution of Article 1 of the ASF Decision no. 83/25.01.2021 concerning the sanctioning with a fine in the amount of Lei 530,000 of Mr. Renato Szilagyi, in his capacity as chairman of the board of directors of the Insurance - Reinsurance Company City Insurance S.A. at the date of the sanctioning.
The court’s ruling can be found at:
By Judgment no. 672/8.02.2023, High Court of Cassation and Justice ruled a partially favourable solution for ASF against the appellant- petitioner POP Adrian, in capacity as head and coordinator of the risk management function within S.S.I.F. BRK Financial Group S.A. at the date of the sanction.
The solution in a nutshell:
“Dismisses the appeals lodged by petitioner POP Adria n and respondent the Financial Supervisory Authority against the Civil judgment no. 2206 dated 12 July 2019 ruled by the Bucharest Court of Appeal – Eighth Administrative and Fiscal Litigation Section, as ill-founded.
This judgment is final.”
Subject matter of the case: The appeal, in part, brought by ASF against the civil judgment no. 2206/12.07.2019, by which Bucharest Court of Appeal admitted the action of the petitioner and ordered the partial annulment of (i) ASF Decision no. 1442/2017 sanctioning with Mr. Pop Adrian, as manager and coordinator of the risk management function within S.S.I.F. BRK Financial Group S.A., by a fine of Lei 22,500 ; (ii) of the ASF Decision No 52/11.02.2018 and (iii) of the acts prior thereto in respect of the contraventions found in points 9 and 12 of the ASF Decision No 1442/12.10.2017 and removed the contraventions imposed on the applicant for those acts. The court otherwise upheld the ASF Decisions no. 1442/12.10.2017 and no. 52/11.02.2018 and the acts preceding them.
Mentions: on the merits, the subject matter of the case file was to annul the ASF Decision no. 1442/12.10.2017, as ill-founded and subsidiarily, revoke the principal measure of a fine and replace it by a warning.
By this decision it was ordered to sanction Mr. Adrian Pop - General Manager/Deputy Manager/Director in the period 06.05.2015 - 13.03.2017 (date of the control) and coordinator of the risk management function in the period 08.07.2015 - 13.03.2017 (date of the control), with a fine of Lei 22,500.
As a result of the decision rendered in the appeal, in practice, the CCJ upheld the decision of the first instance, which partially annulled the decision of the ASF no. 1442/12.10.2017 with regard to the contravention facts found in paragraphs 9 and 12 of the Decision and removed the contravention sanctions imposed on the petitioner for these facts.
In fact, by the decision rendered on the merits, the Bucharest Court of Appeal did not order a reduction of the penalty imposed on the applicant, but only annulled the contested decision with regard to the contraventions found in points 9 and 12, without the amount of the fine of Lei 22,500 being affected by the removal of the contraventions imposed on the petitioner for these facts. Consequently, the contested decisions were upheld as well founded and lawful.
The court’s ruling can be found at:
By Judgment no. 260/13.02.2023, Bucharest Court of Appeal ruled in favour of ASF, against the Compania de Asigurare - Reasigurare City Insurance S.A.
The solution in a nutshell:
“Takes note of the application for discontinuance. Dismisses the application for an increase in the expert's fees. Orders the plaintiff to pay the costs of the proceedings in the amount of 33,700 lei, expert's fee in part (n. n. to the ASF).
Right of appeal within 15 days of notification (...)".
Subject matter of the case: annul ASF Decision No 340/2020, which ordered the inclusion of Societatea de Asigurare - Reasigurare City Insurance S.A., as a participating company in the Romanian Insurance Assets and Liabilities Valuation Exercise, and all acts issued by ASF in relation to the BSR Exercise.
The court’s ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000388313&id_inst=2
By Judgment no. 859/17.02.2023, High Court of Cassation and Justice ruled in favour of ASF, against Madam Basgan Cristiana Viorela – member of the Board of Directors (CA) Of Euroins SA.
The solution in a nutshell:
“Dismisses the appeal brought by the petitioner Basgan Cristiana Viorela against Civil Judgment No 336 of 17 March 2021 of the Bucharest Court of Appeal - Ninth Administrative and Fiscal Division, as unfounded.
This judgment is final.. (...)”
Subject matter of the case: the appellant -petitioner’s appeal against the civil judgment no. 338/17.03.2021, by which the Bucharest Court of Appeal rejected, as unfounded, the application for annulment of ASF Decision No 197/2020 concerning the sanctioning with a written warning and the prohibition to hold positions requiring ASF approval for a period of 5 years of Ms Basgan Cristiana Viorela - member of the Board of Directors of Euroins S.A.
The court’s ruling can be found at:
By Judgment no. 869/17.02.2023, High Court of Cassation and Justice gave a favourable ruling to ASF against the appellant-petitioner Rossler Max Walter, Vice-president of the Surveillance Board of the Company: Societatea de Asigurare - Reasigurare City Insurance S.A., on the sanctioning date.
The solution in a nutshell:
“Rejects the appeal lodged by the appellant-petitioner Rossler Max Walter against the Civil judgment no. 1322 of 01 October 2021, ruled by Bucharest Court of Appeal – Eighth Administrative and Fiscal Litigation Section, as ill-founded.
This judgment is final..”
Subject matter of the case: the appellant -petitioner’s appeal -Rossler Max Walter- against the civil judgment no. 1322/1.10.2021, whereby the Bucharest Court of Appeal dismissed the action for annulment of ASF Decision no. 87/25.01.2021, as ill-founded.
Mentions: on the merits, the subject- matter of the case file was the action submitted by Rossler Max Walter, vice-president of the Surveillance Board of the Company: Societatea de Asigurare-Reasigurare City Insurance S.A. on the sanctioning date, by which he sought from the Court as follows:
Mainly:
Subsidiarily:
The court’s ruling can be found at:
By Judgment no. 285/22.02.2023, Bucharest Court of Appeal ruled favour of ASF against SAI SIRA S.A.
The solution in a nutshell:
“Dismisses the application as unfounded. Dismisses the applicant's claim for costs as unfounded. Right of appeal within 15 days of service of the application. (...)”
Subject matter of the case: in the action brought, the petitioner sought from the Court as follows:
The court’s ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000396470&id_inst=2
By Judgment no. 300/24.02.2023, Bucharest Court of Appeal ruled in favour of ASF, against the Company Euroins România Asigurare Reasigurare S.A.
The solution in a nutshell:
“Dismisses the application as ill-founded.
Right of appeal within 15 days of service. (...)
Subject matter of the case:
- annul the Decision of the Chairman of the ASF No 1581/15.12.2021, which extended the subject matter of the Decision of the President of the ASF No 1382/01.11.2021;
- annul the decision of the ASF No 168/16.02.2022 rejecting the preliminary complaint lodged by Euroins against the decision of the Chairman of ASF No 1581 of 15.12.2021 extending the subject matter of the decision of the Chairman of the ASF No 1382/1.11.2021;
- Annulment of ASF Decision no. 274/09.03.2022 on the sanctioning of the Company with a fine of Lei 422,600;
- subsidiarily in relation to the third head of claim, reduce the penalty amount or replace the fine by a warning.
The court’s ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000408623&id_inst=2
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