Press Release: Judgments ruled in favour of the Financial Supervisory Authority in December 2022

Bucharest, 12 January 2023 - In December 2022, the courts ruled in favor of ASF in the following cases:

1. Bucharest Court of Appeal – Case file no. 2295/2/2022

By Judgment no. 2303/6.12.2022, The Bucharest Court of Appeal rendered a decision in favor of ASF against claimant S.S.I.F. BRK Financial Group S.A.

Ruling made in brief:

„Dismisses the application as unfounded.

With appeal. (...)”

Subject matter of the case: partial annulment of ASF Decision no. 249/07.03.2022, by which the Authority imposed the sanctioning of S.S.I.F. BRK Financial Group S.A., by a fine amounting to 113,100 lei.

The ruling of the court can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000406874&id_inst=2

2. Bucharest Court of Appeal – Case file no. 2296/2/2022

By Judgment no. 2341/8.12.2022, the Bucharest Court of Appeal rendered the following decision, partially favorable to ASF, against claimant Răzvan Legian Raț, in his capacity as Deputy General Manager (during the controlled period 29.10.2019 - 30.08.2021) and compliance officer in the field of prevention of money laundering and terrorist financing (between 20.12.2019 and 30.08.2021) of S.S.I.F. B.R.K.

Ruling made in brief:

„Admits the application in part. Reduces the amount of the fine imposed by ASF Decision no. 253/07.03.2022, from 20,000 lei to 10,000 lei. Dismisses the remainder of the action as unfounded.

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

Subject matter of the case: annulment of ASF Decision no. 253/07.03.2022, by which claimant Răzvan Legian Raț, in his capacity as Deputy General Manager (during the controlled period 29.10.2019 - 30.08.2021) and compliance officer in the field of prevention of money laundering and terrorist financing (between 20.12.2019 and 30.08.2021) of S.S.I.F. B.R.K was sanctioned by a fine amounting to 20.000 lei, as a result of irregularities found by the Authority during its regular inspection of the company.

The ruling of the court can be consulted at:

 https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000406876&id_inst=2

3. Galati Court of Appeal - Case file no. 1844/2/2021*

By Judgment no. 172/15.12.2022, the Court of Appeal of Galati ruled in favour of ASF, against claimant Bran OIL S.A. - through receiver DOA INSOLV SPRL.

Ruling made in brief:

„Dismisses the application as unfounded. Allows the application to intervene on behalf of the defendant ASF.

With appeal within 15 days of service.”

Subject matter of the case: the claimant’s application to the court requesting to:

1. order ASF to issue a decision sanctioning Depozitarul Central for its failure to comply with the obligations imposed by law, namely for not carrying out the direct transfer of 16,000,000 shares of Electroargeș S.A., in accordance with Civil Judgment no. 132/02.04.2019 delivered by the Court of Galati, Civil Section II in Case file no. 2897/121/2017/a1*, final and enforceable;
2. order ASF to issue a decision requiring to Depozitarul Central to perform its obligations imposed by law, namely to carry out the direct transfer of 16,000,000 shares to Electroargeș S.A., in accordance with Civil Judgment no. 132/02.04.2019 delivered by the Court of Galați, Civil Section II in Case file no. 2897/121/2017/a1*, final and enforceable;
3. order the defendant ASF to pay the costs of these proceedings.

The ruling of the court can be consulted at:

https://portal.just.ro/44/SitePages/Dosar.aspx?id_dosar=4400000000069777&id_inst=44

4. Bucharest Court of Appeal – Case file no. 6262/2/2017

By Judgment no. 243/16.12.2022, the Bucharest Court of Appeal ruled in favour of ASF, against S.A.I. Swiss Capital Asset Management S.A. and Blăjuț Olimpiu-Ionel.

Ruling made in brief:

„Dismisses the application as unfounded. Dismisses the claimants’ application for an order that the defendant pay the costs as unfounded.

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

Subject matter of the case: annulment of ASF Decision no. 443/29.03.2017 and ASF Decision no.  930/14.07.2017.

By ASF Decision no. 443/29.03.2017, it was decided to reject the application of the Investment Management Company Swiss Capital Asset Management S.A. for the authorization of the change in the organization and functioning of the entity, as a result of the change in the composition of the Board of Directors, by appointing Mr. Olimpiu-Ionel Blăjuț as a member of the Board of Directors of the company, instead of Mr. Dorin Laurențiu Dănescu.

By ASF Decision no. 930/14.07.2017, the preliminary complaint lodged by the claimants against ASF Decision no. 443/29.03.2017 was rejected.

The ruling of the court can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000352643&id_inst=2

5. Bucharest Court of Appeal – Case file no. 1183/101/2022

By Judgment no. 2487/21.12.2022, the Bucharest Court of Appeal ruled in favour of ASF against claimant Alexandru Miulescu, as Chairman of the Board of Directors of Mecanica94 S.A., at the sanctioning date.

The ruling made in brief:

„Dismisses the application as unfounded.

With appeal within 15 days of service.”

Subject matter of the case: the action by which the applicant sought ”the revocation of ASF Decision no. 381/29.03.2022 or the conversion into a warning of the decision by which I was fined„.

By ASF Decision no. 381/29.03.2022, applicant Alexandru Miulescu was fined 20,100 lei as Chairman of the Board of Directors of Mecanica94 S.A.

The ruling of the court can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=10100000000134667&id_inst=2

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