Favorable solutions for ASF pronounced in July 2025

Bucharest, 11 August 2025 - In July 2025, the courts ruled in favor of ASF in the following relevant cases:

1. Bucharest Court of Appeal - Case file no. 7311/2/2024

By Decision No. 1150/1.07.2025, the court ruled in favor of ASF, against claimant Isac Florin Costel, in his capacity as member of the Board of Directors of Swiss Capital S.A.

Ruling made in brief:

„Dismisses the application as unfounded.

With appeal within 15 days of service”.

Subject-matter: the application by which the claimant requested the administrative court to:

1. Mainly, annulment of ASF Decision No. 1072/18.10.2024, whereby the claimant was sanctioned, in his capacity as member of the Board of Directors of Swiss Capital S.A., with a fine in the amount of RON 11,400;
2. In the alternative, partial annulment of ASF Decision No. 1072/18.10.2024, regarding the findings of violations of the provisions of Art. 21 para. (3) and Art. 28 para. (1) of ASF Regulation No. 1/2019 and replacing the fine with a warning or imposing the minimum legal fine of RON 5,000.

The ruling of the court can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000441875&id_inst=2

2. Bucharest Court of Appeal - Case file no. 730/2/2021* (retrial)

By Civil Judgment No. 1181/3.07.2025, the court ruled in favor of ASF, against the claimant Ciurezu Tudor, in his capacity as Chairman of the Board of Directors of SIF Oltenia S.A. (currently Infinity Capital Investments S.A.), at the time of the sanction.

Ruling made in brief:

„Dismisses the application as unfounded.

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

Subject-matter: the summons by which the claimant requested the court to annul ASF Decision No. 1301/03.11.2020, whereby the latter, in his capacity as chairman of the Board of Directors of SIF Oltenia S.A. (currently Infinity Capital Investments S.A.) at the time of the offense, was fined RON 130,000.

The ruling of the court can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000441830&id_inst=2