Bucharest, 6 March 2024 - In February 2024, the courts ruled in favour of ASF in the following relevant cases:
By Judgment no. 569/1.02.2024, the High Court of Cassation and Justice ruled in favour of ASF, against the appellant-claimant Mihai Fercală, as Chairman of the Board of Dierctors of SIF Transilvania S.A., at the sanctioning date.
The solution in a nutshell:
„(...) Sets aside, in part, the judgment under appeal and, on retrial: dismisses the plea of inadmissibility; dismisses the application brought by the claimant Mihai Fercală against the defendant the Financial Supervisory Authority as unfounded in its entirety. Upholds the decision on the plea of lack of locus standi.
Final.”
Subject: the appeal brought by the appellant-claimant against Civil Judgment no. 1085/02.07.2021, by which the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section IX dismissed his action as unfounded.
Mentions: on the merits, the main subject matter of the case was the annulment of ASF Decision no. 419/27.03.2020, by which the appellant Mihai Fercală was sanctioned, as Chairman of the Board of Directors of SIF Transilvania S.A., with a fine of RON 15,000.
The court ruling can be found at:
By Judgment no. 158/6.02.2024, Bucharest Court of Appeal ruled in favour of ASF, in contradiction with the claimant Mihalcea Petru, as member of the Board of Directors of Metalica S.A. Oradea, at the sanctioning date.
The solution in a nutshell:
„Dismisses the application as unfounded.
Right of appeal within 15 days as of the document is served.”
Subject: the annulment of ASF Decision no. 1373/08.07.2016 which ordered the sanctioning of the applicant Mihalcea Petru, as a member of the Board of Directors of Metalica S.A. Oradea, with a fine of RON 5,000.
Mentions: By Judgment No. 3380/21.06.2023, in the second procedural cycle, the High Court of Cassation and Justice ruled in favour of ASF.
The solution of the High Court of Cassation and Justice in a nutshell:
„Admit the appeal lodged by the defendant Financial Supervisory Authority against Judgment no. 278 of 7 October 2021 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII. Sets aside the judgment under appeal and refers the case back to the same court for retrial.
Final.”
The court ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000426697&id_inst=2
By Judgment no. 183/7.02.2024, Bucharest Court of Appeal ruled in favour of ASF, in contradiction with the claimant Burnei David, as member of the Board of Directors of Mettexin S.A. Mangalia.
The solution in a nutshell:
„Dismisses the action as unfounded.
Right of appeal within 15 days as of the document is served (...)”
Subject:
The court ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000418052&id_inst=2
By Judgment no. 216/12.02.2024, Bucharest Court of Appeal ruled in favour of ASF, in contradiction with the claimant Dumitrescu Andrei Sebastian, as shareholder of OIL Terminal Constanta.
The solution in a nutshell:
„Dismisses the objections of inadmissibility and lack of standing as unfounded. The plea of lack of locus standi of the defendant Viorel Sorin Ciutureanu is upheld and the claim against him is dismissed as being brought against a person without locus standi. Dismisses the remainder of the application as unfounded. Orders the claimant to pay to the defendant Prime Transaction S.A. the sum of RON 3,300 by way of costs (lawyer's fees).
Right of appeal within 15 days as of the document is served (...)”
Subject: the action brought by the claimant seeking, principally:
The court ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000417582&id_inst=2
By Judgment no. 242/16.02.2024, Bucharest Court of Appeal rendered a partially favourable decision in favour of ASF, against the claimant Euroins România Asigurare Reasigurare S.A.
The solution in a nutshell:
„The application is granted in part as specified. Annuls, in part, Decision no. 1201/01.09.2022, namely Art. 1 in so far as it reduces the final total fine imposed from the sum of RON 1,023,200 to the sum of RON 630,977 and Art. 2 para. (3), in order to remove the measure ordered. Dismisses as inadmissible the application for annulment of the System Procedure for the establishment and application of penalties or administrative measures which ASF is empowered to impose. Dismisses the remainder of the application as unfounded.
Right of appeal within 15 days as of the document is served (...)”
Subject:
Mentions: In particular, by its decision, the Bucharest Court of Appeal upheld the findings of ASF contained in the sanctioning decision, but reduced the amount of the fine from RON 1,023,200 to RON 630,977 and removed the measure provided for in Article 2 para. (3).
The court ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000413739&id_inst=2
By Judgment no. 977/21.02.2024, the High Court of Cassation and Justice ruled in favour of ASF, in contradiction with the appellants-claimants Constantin Ștefan, as Chairman of the Board of Directors of Electroargeș S.A. Curtea de Argeș, at the sanctioning date and Electroargeș S.A.
The solution in a nutshell:
„Dismisses the appeal brought by the appellants-claimants Electroargeș S.A. and Constantin Ștefan against Judgment No 1328 of 22 July 2022 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII, as unfounded.
Final.”
Subject: the appeal brought by the appellants Constantin Ștefan and Electroargeș S.A. against Civil Judgment no. 1328/22.07.2022 by which the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII dismissed their action as unfounded.
Mentions: on the merits, the main subject matter of the case was the annulment of ASF Decision no. 1160/26.09.2018, by which Mr. Constantin Ștefan, in his capacity as Chairman of the Board of Directors of Electroargeș S.A. Curtea de Argeș, was fined RON 15,000.
The court ruling can be found at:
By Judgment no. 1006/22.02.2024, The High Court of Cassation and Justice ruled in favour of ASF, against the appellant-claimant Ciurezu Tudor, against the appellant-claimant Ciurezu Tudor, as chairman/member of the Board of Directors of SIF Oltenia S.A., at the sanctioning date.
The solution in a nutshell:
„Dismisses the appeal brought by the applicant Ciurezu Tudor against Judgment no. 1768 of 18 October 2022 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII, delivered in Case no. 229/2/2020, as unfounded.
Final.”
Subject: the appeal brought by the appellant-claimant against Civil Judgment no. 1768/18.10.2022 of the Bucharest Court of Appeal, by which the court dismissed the appellant-claimant's action as unfounded.
Mentions: by means of the application lodged in case no. 229/2/2020, the appellant-claimant requested, pursuant to Administrative Litigation Law no. 554/2004, the annulment of ASF Decision no. 1286/23.10.2019.
By ASF Decision no. 1286/23.10.2019, the appellant-complainant Ciurezu Tudor was sanctioned, as chairman/member of the Board of Directors of SIF Oltenia S.A., at the sanctioning date, with a fine in the amount of RON 30,000.
The court ruling can be found at:
By Judgment no. 1115/28.02.2024, The High Court of Cassation and Justice ruled in favour of ASF, against the appellant applicant Transilvania Broker de Asigurare S.A.
The solution in a nutshell:
„Dismisses the appeal brought by the applicant company Transilvania Broker de Asigurare S.A. against Civil Judgment no. 1508 of 23 September 2022 delivered by the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII, as unfounded.
Final. (...)”
Subject: appeal brought by the appellant-claimant against Civil Judgment no. 1509/23.09.2022, by which the Bucharest Court of Appeal dismissed the application as unfounded.
Mentions: on the merits, the case concerned the annulment, in its entirety, of ASF Decision no. 344/28.03.2022 concerning the imposition of a written warning on Transilvania Broker de Asigurare S.A.
The court ruling can be found at:
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