Bucharest, 8 February 2024 - In January 2024, the courts ruled in favour of ASF in the following relevant cases:
By Judgment no. 20/4.01.2024, the Bucharest Court of Appeal ruled in favour of ASF against the claimant International Caviar Corporation S.A.
The solution in a nutshell:
„Dismisses the action as unfounded.
Right of appeal within 15 days as of the document is served (...)”
Subject: annulment of ASF Decision No. 379/29.03.2022 imposing a fine of RON 21 200 on the claimant and ASF Decision No. 643/26.05.2022 rejecting the claimant's prior complaint against ASF Decision No. 379/29.03.2022.
The court ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=9700000000128337&id_inst=2
By Judgment No. 2/9.01.2024, The High Court of Cassation and Justice ruled in favour of ASF, against the appellant-claimant S.S.I.F. BRK Financial Group S.A.
The solution in a nutshell:
„Dismisses the appeal lodged by the appellant-claimant S.S.I.F. BRK Financial Group SA against Judgment no. 2303 of 6 December 2022 delivered by the Bucharest Court of Appeal – Administrative and Fiscal Litigation Section IX, as unfounded.
Final.”
Subject: the appeal brought by S.S.I.F. BRK Financial Group S.A. against Judgment no. 2303/6.12.2023, by which the Bucharest Court of Appeal dismissed the application as unfounded.
Mentions: on the merits, the case concerned the partial annulment of ASF Decision No. 249/07.03.2022, by which the Authority ordered S.S.I.F. BRK Financial Group S.A. to be fined RON 113,100.
The court ruling can be found at:
By Judgment No. 105/11.01.2024, the High Court of Cassation and Justice ruled in favour of ASF, in contradiction with the appellants-claimants Euroins România Asigurare Reasigurare S.A. and Euroins Insurance Group AD.
The solution in a nutshell:
„Dismisses the plea of invalidity of the cross-appeal raised by the appellants-claimants. Dismisses the main appeal brought by the claimants Euroins România Asigurare Reasigurare S.A., through the provisional official receiver CITR Filiala București SPRL and Euroins Insurance Group AD and the cross-appeal brought by the defendant Financial Supervisory Authority against Judgment No. 745 of 27 April 2023 of the Court of Appeal Bucharest - Administrative and Fiscal Litigation Section IX, as unfounded.
Final.”
Subject: the appeal lodged by Euroins România Asigurare Reasigurare S.A. and EIG AD against the Judgment of the Bucharest Court of Appeal No. 745/27.04.2023, by which the court rejected the application for suspension of the execution of ASF Decision No. 262/17.03.2023 and ASF Decision No. 264/17.03.2023.
Mentions: in the first instance, the case concerned the suspension of the ASF Decision No. 262/17.03.2023, which ordered the withdrawal of Euroins Romania's operating authorisation and of ASF Decision No. 264/17.03.2023 on the appointment of the Policyholders Guarantee Fund as provisional director of Euroins România Asigurare Reasigurare S.A.
The court ruling can be found at:
By Judgment No. 202/17.01.2024, the High Court of Cassation and Justice ruled in favour of ASF, against the appellant-claimant Dumitrescu Andrei Sebastian, as a shareholder of Oil Terminal S.A. Constanța.
The solution in a nutshell:
„Dismisses the main appeals brought by the appellant-claimant Dumitrescu Andrei Sebastian and the appellant-claimant Prime Transaction SA against Judgment No. 212 of 8 February 2023, delivered by Bucharest Court of Appeal - Administrative and Fiscal Litigation Section IX, as unfounded. Dismisses the cross-appeal brought by the defendant-appellant Autoritatea de Supraveghere Financiară against the same judgment as devoid of purpose. Orders the appellant-claimant Dumitrescu Andrei Sebastian to pay to the appellant-claimant Prime Transaction SA the sum of RON 3,000 by way of legal costs, representing lawyers' fees, in accordance with Article 453 para. (3) of the Rules of Procedure of the Court of First Instance. 2 Code of Civil Procedure. Dismisses the claim of the appellant-claimant Financial Supervisory Authority for an order that the appellant-claimant Dumitrescu Andrei Sebastian pay the costs as unfounded.
Final.”
Subject:
Mentions: on the merits, the case concerned the request made by claimant Dumitrescu Andrei Sebastian, as a shareholder of Oil Terminal S.A. Constanța, for the suspension of ASF Decision No. 46/17.01.2023 approving the Prospectus for the capital increase of Oil Terminal S.A. Constanța.
The court ruling can be found at:
By Judgment No. 286 /18.01.2024, the High Court of Cassation and Justice ruled in favour of ASF, in contradiction with the appellants-claimants Mihail Nicolaevici and the National Association for the Protection of Investors.
The solution in a nutshell:
„Annuls as unfounded within the legal time-limit the appeal brought by the claimants National Association for the Protection of Investors and Nicolaevici Mihail Paris against Judgment No. 472 of 13 March 2023 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section IX.
Final.”
Subject: the appeal lodged by the appellants-claimants against the Judgment of the Bucharest Court of Appeal No. 472/13.03.2023, by which the court upheld the plea of time-bar, raised of its own motion, and declared the application to institute proceedings to be automatically time-barred.
Mentions: on the merits, the case concerned an action for damages, separated from case 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.), which sought the following:
The court ruling can be found at:
By Judgment No. 386/25.01.2024, the High Court of Cassation and Justice ruled in favour of ASF, in contradiction with the appellants-claimants Behboud Madadi, Alexandru Ionel Secară and Florian Munteanu.
The solution in a nutshell:
„Dismisses the appeal brought by claimants Behboud Madadi, Alexandru Ionel Secară, Florian Munteanu against Judgment No. 1380 of 8 July 2022 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section IX, as unfounded.
Final.”
Subject: the appeal brought by the appellants-claimants against Judgment No. 1380/8.07.2022 dismissing the action, as amended, as unfounded.
Mentions: on the merits, the file had as Subject:
The court ruling can be found at:
By Judgment No. 31/30.01.2024, the High Court of Cassation and Justice ruled in favour of ASF, against appellants-claimants SAI Certinvest S.A., Buzea Radu Viorel, Cusak Ruxandra, Gustă Horia Ion, Lavi Florentina, Vasile Daniela Maria and Vlăsceanu Florica.
The solution in a nutshell:
„Annuls the appeal brought by claimants S.A.I. Certinvest S.A., Buzea Radu Viorel, Cusak Ruxandra, Gustă Horia Ion, Lavi Florentina, Vasile Daniela Maria and Vlăsceanu Florica against Judgment No. 178 of 12 May 2021 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII, as non-payment of stamp duty.
Final.”
Subject: appeal brought by SAI Certinvest S.A. and other appellants-claimants against Judgment No. 178/12.05.2021, delivered by the Bucharest Court of Appeal, by which the court dismissed the related actions as unfounded.
Mentions: on the merits, the case concerned the annulment of ASF Decision No. 959/25.04.2016, by which SAI Certinvest S.A. was fined RON 24,258.62 as a result of the irregularities found during the periodic inspection of the company, the inspection report and the objections to the inspection report.
Case No. 1722/2/2017 (connected to Case No. 1721/2/2017) concerned the annulment of ASF Decisions No. 960-965/25.04.2016[1].
The court ruling can be found at:
By Judgment No. 467/30.01.2024, The High Court of Cassation and Justice ruled in favour of ASF, in contradiction with the appellant-claimant SAR Euroins România Asigurare Reasigurare S.A.
The solution in a nutshell:
„Dismisses the appeal brought by the claimant Euroins România Asigurare Reasigurare S.A. through its official receiver CITR Filiala București SPRL against Judgment No. 992 of 23 June 2021 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section IX, as unfounded.
Final.”
Subject: the appeal brought by SAR Euroins S.A. against Judgment No. 992/23.06.2021, by which the Bucharest Court of Appeal dismissed the appellant-claimant's application for annulment of ASF Decision No. 1136/28.09.2020 as unfounded.
Mentions: on the merits, the main subject-matter of the case was the annulment of ASF Decision No. 1136/28.09.2020 and, in the alternative, the replacement of the fine by a warning.
By ASF Decision No. 1136/28.09.2020 SAR Euroins S.A. was sanctioned with a fine of RON 600,000 following the unannounced inspection concluded by the inspection report registered at ASF under no. SA-DSC/2727/31.07.2020 and with Euroins România Asigurare Reasigurare S.A. under no. SC 15349/21/31.07.2020.
The court ruling can be found at:
By Judgment No. 512/31.01.2024, the High Court of Cassation and Justice rendered a partially favourable decision in favour of ASF, against appellant-claimant Grigore Chiș, as a member of the Investment Committee House of S.S.I.F. BRK Financial Group S.A. By
The solution in a nutshell:
„Dismisses the appeal brought by the appellant-claimant Grigore Chiș against Judgment No. 138 of 27 January 2023 delivered by Bucharest Court of Appeal - Administrative and Fiscal Litigation Section IX, as unfounded. Dismisses the appeal brought by the appellant-defendant Financial Supervisory Authority against the same judgment as unfounded.
Final.”
Subject: the appeals brought by the appellant-claimant and ASF against Judgment No. 138/27.01.2023, by which the court ordered the following summary: 'Allows in part the application. Orders the reduction of the fine imposed by Decision No. 256/07.03.2022 from RON 5900 to RON 1000. Dismisses the remainder of the application as unfounded".
Mentions: on the merits, the file had as Subject:
In specific terms, through the decision of the first instance, upheld by the High Court of Cassation and Justice, the Bucharest Court of Appeal upheld the findings of ASF contained in the sanctioning decision, reducing only the amount of the fine from RON 5,900 to RON 1,000.
The court ruling can be found at:
[1] 1. By ASF Decision No. 960/25.04.2016, claimant VLĂSCEANU FLORICA was fined RON 20,000, in her capacity as person in charge of preventing and combating money laundering and compliance officer within S.A.I. Certinvest S.A., as she did not properly perform her duties and obligations related to her positions.
Authorization
Supervision
Legislation
Consumers
Reports
Sanctions
