Bucharest, 7 April 2023 - In March 2023, the courts ruled in favour of ASF in the following cases:
By Judgment no. 1191/3.03.2023, the High Court of Cassation and Justice rendered a decision in favour of ASF against the appellant/claimant Silviu Matei, significant shareholder/actuary of Societatea Asigurarea Românească Asirom Vienna Insurance Group S.A.
Ruling made in brief:
„Dismisses the appeal brought by appellant - claimant Matei Silviu against Civil Judgment no. 1794 of 26 November 2021 delivered by the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation, as unfounded.
Final.”
Subject matter of the case: the appeal lodged by the appellant-claimant against judgment no. 1794/26.11.2021, by which the Bucharest Court of Appeal dismissed the application as unfounded.
Notes: on the merits, the case concerned annulment of ASF Decision no. 1620/11.08.2016 on the sanctioning of Mr. Silviu Matei, significant shareholder/actuary of Societatea Asigurarea Românească Asirom Vienna Insurance Group S.A., with a written warning.
The ruling of the court can be consulted at:
By Judgment no. 431/8.03.2023, Bucharest Court of Appeal rendered a decision in favour of ASF against claimant Ștefan Claudiu Iulian, as Chairman of the Board of Directors of Mettexin S.A. Mangalia.
Ruling made in brief:
„Dismisses the application as unfounded.
With appeal within 15 days of service (...)”
Subject matter of the case: action by which the claimant, Ștefan Claudiu-Iulian, applied to the court for annulment of ASF Decision no. 606/18.05.2022, rejecting his preliminary complaint against ASF Decision no. 383/29.03.2022, which imposed a fine of RON 20,100 on the claimant in his capacity as Chairman of the Board of Directors of Mettexin S.A. Mangalia.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000409397&id_inst=2
By Judgment no. 1273/8.03.2023, the High Court of Cassation and Justice rendered a decision in favor of ASF against claimant Mihnea Traian Ştefan Tobescu, as General Manager Societății Euroins România, at the sanctioning date.
Ruling made in brief:
„Admits the appeal brought by the defendant Financial Supervisory Authority against Civil Judgment no. 968 of 22 June 2021, delivered by the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation. Sets aside the judgment under appeal and remits the case to the same court.
Final”.
Subject matter of the case: appeal brought by ASF against Civil Judgment no. 968/22.06.2021, by which the court of first instance annulled ASF Decision no. 1138/28.09.2020, exonerating the respondent from the payment of the fine in the amount of RON 100,000 and the complementary sanction of withdrawal of approval.
Notes: on the merits, the case concerned the annulment of ASF Decision no. 1138/2020, by which claimant Mihnea Traian Ștefan Tobescu was sanctioned with a fine in the amount of RON 100,000 and the complementary sanction of withdrawal of approval as General Manager of Euroins Romania.
The ruling of the court can be consulted at:
By Judgment no. 1327/8.03.2023, the High Court of Cassation and Justice rendered a decision, partially in favour of ASF, against the appellant-claimant Ioana Măzăreanu, as deputy general manager of SAR City Insurance S.A. at the sanctioning date.
Ruling made in brief:
„Dismisses the plea of invalidity of the appeal. Admits the appeal brought by Măzăreanu Ioana against Civil Judgment no. 358 of 22 December 2021 rendered by the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation-old. Sets aside the judgment under appeal and, on the retrial, admits, in part, the action brought by claimant MAZAREANU IOANA against defendant the FINANCIAL SUPERVISORY AUTHORITY. Annuls in part Decision no. 2309/29.12.2014 in so far as it reduces the fine imposed on the claimant to RON 10,000. Dismisses the remainder of the application. (...)
Final.”
Subject matter of the case: the appeal lodged by the appellant-claimant against Civil Judgment no. 358/22.12.2021, rendered in the third trial cycle, by which the Bucharest Court of Appeal rejected, as unfounded, the application for annulment of ASF Decision no. 2309/29.12.2014.
Notes: on the merits, the case concerned annulment of ASF Decision no. 2309/29.12.2014, by which Mrs. Ioana Măzăreanu was sanctioned with a fine in the amount of RON 20,000, as deputy general manager of SAR City Insurance S.A. at the sanctioning date.
In practice, the High Court of Cassation and Justice upheld the finding of the first instance on the legality and merits of the decision of ASF Decision no. 719/03.06.2021, reducing only the amount of the fine imposed on the appellant-claimant to RON 10,000.
The ruling of the court can be consulted at:
By Judgment no. 1334/8.03.2023, the High Court of Cassation and Justice ruled a judgment, partially in favour of ASF, against the appellant/claimant Rossler Max Walter, in his capacity as former Vice-Chairman of the Supervisory Board of SAR City Insurance S.A.
Ruling made in brief:
„Admits the appeal brought by plaintiff Rossler Max Walter against Civil Judgment no. 1147 of 10 August 2021, delivered by the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation. Sets aside in part the judgment under appeal and, rehearing the case: allows in part the application for a writ of summons. Suspends the execution of ASF Decision no. 719/03.06.2021 until the final resolution of the action for annulment, in the amount of RON 990,000, by way of the difference in the fine imposed on the claimant. Dismisses the remainder of the application for annulment as unfounded, with the enforcement effect of ASF Decision no. 719/03.06.2021 being maintained in respect of the difference of RON 10,000 in the fine and the additional fine imposed on the claimant by Art. 2 of the decision.
Final.”
Subject matter of the case: the appeal brought by the appellant/claimant Rossler Max Walter against Civil Judgment no. 1147/10.08.2021, by which the Bucharest Court of Appeal dismissed the application the appellant’s application for a stay of execution of ASF Decision no. 719/03.06.2021, as unfounded.
Notes: on the merits, the case concerned suspension of the execution of ASF Decision no. 719/03.06.2021, by which the appellant Rossler Max Walter, in his capacity as Vice-Chairman of the Supervisory Board of City Insurance S.A., was fined RON 1,000,000 and the withdrawal of the approval granted by ASF in that capacity.
In fact, by the judgment delivered on 8.03.2023, the High Court of Cassation and Justice, on retrial, allowed, in part, the application for a writ of summons and ordered:
- suspension of the execution of ASF Decision no. 719/03.06.2021, pending the final disposal of the action for annulment, in the amount of RON 990,000 by way of the difference in the fine imposed on the claimant;
- dismisses the remainder of the application as unfounded, with the enforcement effect of ASF Decision no. 719/03.06.2021 being maintained in respect of the difference of EUR 10,000 as fine and the additional fine imposed on the claimant.
In practice, the High Court of Cassation and Justice found the legality and merits of the ASF Decision no. 719/03.06.2021, reducing only the amount of the fine imposed on the appellant-claimant.
The ruling of the court can be consulted at:
By Judgment no. 472/13.03.2023, Bucharest Court of Appeal rendered a decision in favour of ASF against claimant Mihail Nicolaevici.
Ruling made in brief:
„Admits the plea of inadmissibility raised by the Court of its own motion. Declares that the application is automatically time-barred.
With appeal within 15 days of service (...)”.
Subject matter of the case: action for damages, disjoined from Case file no. 6089/2/2015*, seeking the annulment of ASF Approval no. 248/2015 on the approval of the issue prospectus of FOA managed by Safi Invest S.A. (currently Nova Vision Investments AFIA S.A.).
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000419301&id_inst=2
By Judgment no. 481/14.03.2023, Bucharest Court of Appeal rendered a decision in favour of ASF against claimant Andreescu Cecilia Alina, as General Manager of BRD Societate de Administrare a Fondurilor de Pensii Private S.A., at the sanctioning date.
Ruling made in brief:
„Dismissed, as unfounded, the plea of inadmissibility of the application. Dismisses the application, as unfounded.
With appeal within 15 days of service.”
Subject matter of the case: - annulment of ASF Decision no. 573/12.05.2022, by which the claimant was fined RON 100,000 and was additionally prohibited for a period of 180 days from carrying out the activities covered by Law no. 411/2004 on privately managed pension funds, republished as subsequently amended and supplemented, and Law no. 204/2006 on voluntary pensions, as subsequently amended and supplemented;
- annulment of ASF Decision no. 897/14.07.2022 dismissing the preliminary complaint.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=300000001030748&id_inst=2
By Judgment no. 1417/14.03.2023, the High Court of Cassation and Justice rendered a decision in favour of ASF against Euroins România Asigurare Reasigurare S.A.
Ruling made in brief:
„Dismisses the appeal brought by appellant-claimant Euroins România Asigurare Reasigurare against Civil Judgment no. 335 of 17 March 2021 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 Euroins România Asigurare Reasigurare S.A., against Civil Judgment no. 335/17.03.2021, by which the Bucharest Court of Appeal dismissed the application brought by appellant-claimant for the annulment of ASF Decision no. 186/2020, as unfounded.
Notes: on the merits, the case concerned annulment of ASF Decision no. 186/14.02.2020 by which Euroins România Asigurare Reasigurare S.A. was found guilty of 5 contraventions and fined RON 100,000.
The ruling of the court can be consulted at:
By Judgment no. 1477/16.03.2023, the High Court of Cassation and Justice rendered a decision in favour of ASF against appellant/claimants Constantin Ștefan and Electroargeş S.A.
Ruling made in brief:
„Dismisses the appeal brought by claimants Constantin Ștefan and Electroargeş SA against Judgment no. 1265 of 19 November 2020 of the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation, as unfounded.
Final.”
Subject matter of the case: the appeal brought by Ștefan Constantin and Electroargeș against Judgment no. 1265/19.11.2020 by which the court dismissed the application for a writ of summons, as unfounded.
Notes: on the merits, the case concerned annulment of ASF Decision no. 936/18.07.2019 which imposed a fine of RON 16,000 on Mr. Constantin Ștefan, in his capacity as Chairman of the Board of Directors of Electroargeș S.A. Curtea de Argeș.
The ruling of the court can be consulted at:
By Judgment no. 506/16.03.2023, Bucharest Court of Appeal rendered a decision in favour of ASF against Asociația Brokerilor.
Ruling made in brief:
„ Admits the plea of inadmissibility (n.n. raised by ASF). Dismisses the application for annulment of ASF Decision no. 352/24.03.2022 as inadmissible. Dismisses the application of the claimant Asociația Brokerilor against the defendant Financial Supervisory Authority as unfounded.
With an appeal within 5 days of service as to the merits of the case.
Dismisses the application for suspension of enforcement of ASF Regulation no. 20/2021, as unfounded.
With an appeal within 5 days of service as to the application for suspension.”
Subject matter of the case:
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000409875&id_inst=2
By Judgment no. 463/21.03.2023, the Bucharest Court of Appeal rendered a decision in favour of ASF against Tanja Blatnik, as General Manager of Euroins Romania Asigurare Reasigurare S.A. at the sanctioning date.
Ruling made in brief:
„ Dismisses the appeal, as unfounded.
With an appeal within 15 days of service. (...)”
Subject matter of the case: application for annulment of ASF Decision no. 310/15.03.2022 concerning the sanctioning of Ms. Tanja Blatnik, as general manager of Euroins România Asigurare Reasigurare S.A., with a fine of RON 98,500, at the sanctioning date
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000407288&id_inst=2
By Judgment no. 522/21.03.2023, Bucharest Court of Appeal rendered a decision in favour of ASF against Popa Carmen and Radu Anina, as members of the Board of Directors of SIF Oltenia S.A.
Ruling made in brief:
„Dismisses the action brought by claimant Popa Carmen as unfounded. Dismisses the action brought by applicant Radu Anina as unfounded. Dismisses the claimants' claims for costs as unfounded.
With appeal within 15 days of service (...).”
Subject matter of the case: annulment of ASF Decision no. 1288/23.10.2019, and Decision no. 1290/23.10.2019.
By ASF Decision no. 1288/23.10.2019, claimant Radu Anina was sanctioned, as a member of the Board of Directors of SIF Oltenia S.A., at the sanctioning date, with a fine of RON 30,000.
By ASF Decision no. 1290/23.10.2019, claimant Popa Carmen was sanctioned, as a member of the Board of Directors of SIF Oltenia S.A., at the sanctioning date, with a fine of RON 30,000.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000379919&id_inst=2
By Judgment no. 1631/22.03.2023, the High Court of Cassation and Justice rendered a decision in favour of ASF against appellant-claimant Szabo Ștefan, as member of the Supervisory Board of S.I.F. Transilvania S.A.
Ruling made in brief:
„Dismisses the appeal brought by appellant-claimant Szabo Ștefan against Judgment no. 471 of 11 March 2022 delivered by the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation, as unfounded.
Final.”
Subject matter of the case: the appeal brought by appellant-claimant Szabo Ștefan against Civil Judgment no. 471/11.03.2022, by which the Bucharest Court of Appeal dismissed the claimant's action for annulment of A.S.F. Decision no. 1249/2020 as unfounded.
Notes: on the merits, the case concerned annulment of ASF Decision no. 1249/19.10.2020, by which the following were ordered:
- withdrawal of the approval granted by ASF to the appellant-claimant, as member of the Supervisory Board of S.I.F. Transilvania S.A., by ASF Approval no. 422/26.07.2017
- the fact that the ASF Approval no. 422/26.07.2017, which approved the amendment of the Supervisory Board of S.I.F. Transilvania S.A., ceases to apply with regard to the appellant-claimant's membership of the Supervisory Board of S.I.F. Transilvania S.A.
The ruling of the court can be consulted at:
By Judgment no. 545/24.03.2023, Bucharest Court of Appeal rendered a decision in favour of ASF against claimant Adamescu Bogdan Alexander.
Ruling made in brief:
„Dismisses the application as unfounded.
Final.
(n.n. there is an error on the court portal regarding the mention "Final". In fact, the decision can be appealed within 15 days of service).
Subject matter of the case:
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000413270&id_inst=2
By Judgment no. 527/28.03.2023, the Bucharest Court of Appeal has formulated a favourable solution to ASF, in contradiction with claimant Alina Cecilia Andreescu, as General Manager of BRD Societate de Administrare a Fondurilor de Pensii Private S.A., at the sanctioning date.
Ruling made in brief:
„Dismisses the plea of inadmissibility raised in the application as unfounded. Dismisses the application as unfounded.
With appeal within 15 days of service (...).”
Subject matter of the case: the appeal against:
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=300000001030747&id_inst=2
By Judgment no. 605/31.03.2023, Bucharest Court of Appeal rendered a decision in favour of ASF against claimant Manole Cristina Alina, as Chairman of the Board of Directors of Navexim S.A
Ruling made in brief:
„Admits the plea of untimeliness. Dismisses the application of applicant Cristina-Alina Manole against respondent the Financial Supervisory Authority as untimely.
With appeal within 15 days of service. (...)
Subject matter of the case: appeal against:
By its appeal, the claimant seeks only the replacement of the fine by a warning or the minimum penalty provided for by law.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=11300000000079933&id_inst=2
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