Press release: favourable rulings by the A.S.F. in April 2022

Bucharest, 4 May 2022 - In April 2022, the courts ruled in favour of A.S.F. in the following relevant cases:

 

  1. High Court of Cassation and Justice - Case file no. 4326/2/2021

 

By Judgment No. 2057/2022 delivered on 5.04.2022, the High Court of Cassation and Justice ordered a partial favourable solution in favour of A.S.F., against Ms. Aelita Arampova, as a member of the Supervisory Board of City Insurance S.A. at the date of the sanction.

Ruling made in brief:

"Dismisses the appeals brought by the appellant-claimant Arampova Aelita and the respondent-appellant Financial Supervisory Authority against Civil Judgment No 1107 of 15 July 2021 delivered by the Bucharest Court of Appeal – 8th Division for Administrative and Fiscal Litigation, as unfounded. Final."

The High Court of Cassation and Justice upheld the decision of the first instance, which found the legality and merits of A.S.F. Decision No 721/03.06.2021, reducing only the amount of the fine imposed on the applicant and upholding the additional penalty of withdrawal of the approval granted by A.S.F..

Subject matter of the case: the appeals brought by Ms Arampova Aelita and A.S.F. against Civil Judgment No 1107/15.05.2021, by which the Bucharest Court of Appeal partially admitted the application for a writ of summons, ordering:

- suspension of the execution of A.S.F. Decision No 721/03.06.2021, until the final resolution of the action for annulment, in the amount of 990,000 lei by way of the difference in the fine imposed on the applicant;

- dismiss the remainder of the application as unfounded and uphold the enforceability of the A.S.F. Decision No 721/03.06.2021 as regards the difference of 10,000 lei fine and the additional fine imposed on the applicant.

Subject matter of the case on the merits: suspend the execution of the A.S.F. Decision No 721/03.06.2021 by which the applicant Arampova Aelita, member of the Supervisory Board of City Insurance S.A. at the date of the sanction, was sanctioned with a fine in the amount of 1.000.000 lei and the 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=200000000397173

 

  1. High Court of Cassation and Justice - Case file no. 227/2/2020

By Judgment no. 2120/2022 delivered on 7.04.2022, the High Court of Cassation and Justice ruled in favour of A.S.F., against Mr. Nicolae Stoian, as member of the Board of Directors of S.I.F. Oltenia S.A.

Ruling made in brief:

"Dismisses the appeal brought by the applicant Nicolae Stoian against the order of 7 October 2020 of the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation as unfounded. Definitive."

Subject matter of the case: appeal filed by the appellant-claimant against Civil Judgment no. 1305/9.12.2020 delivered by the Bucharest Court of Appeal, by which the court dismissed the action for suspension and annulment of A.S.F. Decision no. 1287/23.10.2019.

Subject matter of the case on the merits: suspension and annulment of A.S.F. Decision no. 1287/23.10.2019 by which the applicant was sanctioned, as a member of the Board of Directors of S.I.F. Oltenia S.A., with a fine of 30,000 lei.

The court’s solution can be consulted at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000380321

 

  1. High Court of Cassation and Justice - Case file no. 4835/2/2021

 

By Decision no. 2175/2022, delivered on 8.04.2022, the High Court of Cassation and Justice ruled in favour of A.S.F., against the companies Anodin Assets S.A., Ges-Green Energy Specialist S.R.L. and Acord Construct Alt S.R.L.

Ruling made in brief:

"Takes note of the discontinuance of the appeals filed by the appellant-claimant Anodin Assets S.A. and by the respondent-respondents Acord Construct Alt S.R.L. and Ges-Green Energy Specialist S.R.L. against Civil Judgment no. 1144 of 10 August 2021, delivered by the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation. Final."

Subject matter of the case: the appeals lodged by the appellants against Civil Judgment No 1144/10.08.2021, by which the Bucharest Court of Appeal dismissed the claim brought by the applicants as unfounded.

Subject matter of the case on the merits - suspension of the execution of A.S.F. Decision no. 869/07.07.2021, by which A.S.F. ordered the shareholders of Acord Construct Alt S.R.L., Anodin Assets S.A. and Ges-Green Energy Specialists S.R.L., presumed to be acting in concert, to submit to A.S.F., within 30 days from the issuance of the decision, the documentation related to the mandatory public takeover bid of Prebet Aiud S.A.

The court’s solution can be consulted at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000397973

 

  1. High Court of Cassation and Justice - Case file no. 1047/54/2019

By Judgment no. 2216/2022, delivered on 12.04.2022, the High Court of Cassation and Justice ordered the following decision in favour of A.S.F., against Societatea de Investiții Financiare Oltenia S.A.

Ruling made in brief:

„Takes note of the application for a discontinuance of the proceedings brought by the plaintiff Societatea de Investiții Financiare Oltenia S.A. and orders the annulment of Civil Judgment No 172 of 11 March 2020 of the Bucharest Court of Appeal – 9th Division for Administrative and Fiscal Litigation. Final.”

Subject matter of the case: appeal brought by Societatea de Investiții Financiare Oltenia S.A. against Civil Judgment no. 172/11.03.2020, by which the Bucharest Court of Appeal admitted the plea of inadmissibility of the part of claim concerning the annulment of the A.S.F. Decision no. 875/25.06.2019 (rejected this part of claim as inadmissible) and dismissed the rest of the application as unfounded. S.I.F. Oltenia appealed against the judgment on the merits.

Subject matter of the case on the merits: annulment of the A.S.F. Decision no. 649/08.05.2019, by which the authority ordered the management of S.I.F. Oltenia S.A. to adopt some necessary measures at the Extraordinary General Meeting of Shareholders convened for 09/10.05.2019.

The court’s solution can be consulted at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=5400000000174296

 

  1. High Court of Cassation and Justice - Case file no. 382/36/2019

By Judgment No. 2215/2022, delivered on 12.04.2022, the High Court of Cassation and Justice ruled in favour of A.S.F., against the applicants Mihalache Galina Marlena, Mihalache Dan, Bălășescu Maria, Bălășescu Gheorghe and Bălășescu Florin.

Ruling made in brief:

„Dismisses the plea of partial invalidity of the appeal. Dismisses the appeal brought by the applicants Mihalache Dan, Mihalache Galina Marlena, Bălășescu Maria, Bălășescu Gheorghe and Bălășescu Florin against Civil Judgment No 16/CA of 5 February 2020 of the Court of Appeal of Constanța – 2nd Civil Division for Administrative and Fiscal Litigation, as unfounded. Final.”

Subject matter of the case: the appeals lodged by the appellants against Judgment no. 16/CA/05.02.2020, by which the Court of Appeal of Constanta admitted the plea of inadmissibility of the application with regard to the annulment of the A.S.F. Decision no. 854/25.06.2019 and the "act" no. 23421/14.05.2019. At the same time, the court admitted the plea of inadmissibility of the application in relation to Decision No. 1910/13.08.2015, dismissing the application as inadmissible.

Subject matter of the case on the merits: annulment of A.S.F. decision no. 1910/13.08.2015 ordering the withdrawal from trading on the BVB - RASDAQ market of the shares issued by Coremar S.A., as from 17.08.2015 and A.S.F. decision no. 854/25.06.2019 rejecting as late the prior complaint lodged by the applicants.

The court’s solution can be consulted at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=3600000000043874

 

 

  1. High Court of Cassation and Justice - Case file no. 5276/2/2019

By Judgment no. 2263/2022, delivered on 13.04.2022, the High Court of Cassation and Justice ruled in favour of A.S.F., against Ms. Lavi Florentina, as representative of the Internal Control Department of S.A.I. Certinvest S.A. at the date of the sanction.

Ruling made in brief:

„Admits the appeal brought by the defendant Financial Supervisory Authority against Civil Judgment no. 659 of 22 October 2019, delivered by the Bucharest Court of Appeal – 9th Division for Administrative and Fiscal Litigation. Sets aside the judgment under appeal and rejudges: Dismisses the application for suspension brought by the applicant Lavi Florentina, against the defendant Financial Supervisory Authority, as unfounded. Final.”

Subject matter of the case:  appeal filed by A.S.F. against Civil Judgment no. 659/22.10.2019, by which the court admitted the claim of the applicant Lavi Florentina and ordered the suspension of the execution of the A.S.F. Decision no. 961/25.04.2016.

Subject matter of the case on the merits: suspension of the execution of A.S.F. Decision no. 961/25.04.2016, by which the applicant Lavi Florentina was sanctioned, as representative of the Internal Control Department of S.A.I. Certinvest S.A. at the date of the sanction, with a fine of 15.000 lei.

The court’s solution can be consulted at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000376827

 

  1. High Court of Cassation and Justice - Case file no. 771/2/2018

 

By Judgment no. 2366/2022, delivered on 14.04.2022, the High Court of Cassation and Justice ruled in favour of A.S.F., against Mr. Sebastian Teodor Gheorghe Vlădescu, as Chairman of the Board of Directors of Romcab S.A. (from 10.06.2013 to 16.01.2017).

Ruling made in brief:

„Admits the appeal brought by the appellant-defendant Autoritatea de Supraveghere Financiară against Civil Judgment no. 1401 of 10 April 2019 delivered by the Bucharest Court of Appeal - 8th Division for Administrative and Tax Litigation. Sets aside in part the judgment under appeal and rejudges: Dismisses in its entirety the application for annulment of Decision No 42/11.01.2018 as unfounded. Upholds the other provisions of the judgment under appeal concerning the dismissal as inadmissible of the claim for repayment of the fine. Dismisses the appeal brought by the appellant-claimant Sebastian Teodor Gheorghe Vlădescu against Civil Judgment No 1401 of 10 April 2019 delivered by the Bucharest Court of Appeal – 8th Division for Administrative and Tax Litigation - Old, as unfounded. Final.”

Subject matter of the case: appeal brought by Mr. Sebastian Teodor Gheorghe Vlădescu against Civil Judgment no. 1401/10.04.2019, by which the Bucharest Court of Appeal partially admitted the action, partially annulled the A.S.F. Decision no. 42/11.01.2018, regarding the contravention under item no. II of the decision, exonerating the plaintiff from paying the additional fine of 3,000 lei. The Bucharest Court of Appeal rejected the remainder of the application for annulment of the decision as unfounded and dismissed as inadmissible the part of the claim concerning the restitution of the fine.

By A.S.F. Decision no. 42/11.01.2018, a fine of 13,000 lei was imposed on Mr. Sebastian Teodor Gheorghe Vlădescu, as Chairman of the Board of Directors of Romcab S.A. (from 10.06.2013 to 16.01.2017).

The court’s solution can be consulted at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000358458

 

  1. Bucharest Tribunal - Case file no. 19226/3/2021 (bankruptcy opening)

By Judgment no. 2025/2022, delivered on 21.04.2022, the Bucharest Tribunal ruled in favour of A.S.F. in the case concerning the bankruptcy of Assista Asimed S.A. (formerly Societate de asigurare reasigurare Asimed S.A.).

Ruling made in brief:

Grants the application of the applicant Financial Supervisory Authority. Dismisses the appeal brought by the debtor as unfounded. Pursuant to Article 250 para. (3) of Law No. 85/2014 on insolvency prevention and insolvency proceedings, orders the bankruptcy of the debtor Assista Asimed S.A. (formerly Societatea de Asigurare Reasigurare Asimed S.A.). Pursuant to Article 255 in conjunction with Article 145 para. (2) of Law no. 85/2014 on insolvency prevention and insolvency proceedings orders the dissolution of the debtor company and revokes from the administrators of the debtor insurance/reinsurance company the right to represent the company, to manage its assets and to dispose of them. (...) Pursuant to art. 251 and art. 63 of Law no. 85/2014, appoints RTZ&Partners SPRL Bucharest Branch as provisional receiver which will perform the duties provided for in art. 258 letter l of Law no. 85/2014, with a remuneration of 5,000 lei from the debtor's assets. (...) Sets the deadline for the analysis of the state of the continuation of the proceedings on 11.10.2022, at 09.00 a.m., when the parties will be summoned by the Insolvency Proceedings Bulletin. Enforceable. With right of appeal within 7 days from the communication of the judgment by publication in the Insolvency Proceedings Bulletin. (...).”

Subject matter of the case: A.S.F.'s request for the opening of bankruptcy proceedings of Societatea de asigurare reasigurare Asimed S.A. - currently Assista Asimed S.A.

The court’s solution can be consulted at:

https://portal.just.ro/3/SitePages/Dosar.aspx?id_dosar=300000000977296&id_inst=3