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In April 2017, the ASF fined Raluca Ţintoiu 100,000 lei, revoked her authorization for the position of CEO of NN Pensii and banned her from holding a similar position for 10 years in Romania and the European Union. Furthermore, the company NN Pensii received the largest fine in the history of ASF, of 750,000 lei, respectively 1% of the company’s share capital.
The sanction came after NN Pensii, the largest private pension fund in Romania, sent clients information about the existence in the public space of discussions about a possible decision to nationalize Pillar II and recommended that they be informed.
ASF called a flash meeting at that time and withdrew Ţintoiu’s authorization.
Earlier, former PSD leader Liviu Dragnea claimed that NN Pensii “did something inadmissible” when it sent the information to clients, and the ASF and the Ministry of Public Finance “have to sanction a lot.”
Win at CAB
In October 2018, Raluca Ţintoiu won a first victory at the Bucharest Court of Appeal, which decided to annul the fine and reauthorize him as general director of the pension administrator, in addition to forcing ASF to pay him 1,000 euros in non-pecuniary damage.
The information sent by NN by email to almost 300,000 clients about public discussions about the possible nationalization of private pension funds “was not false or misleading”, and the message did not generate the invoked state of danger, not being likely to undermine stability and sustainability of the private pension fund system “said the Court of Appeal, on the grounds of the decision to annul the sanctions imposed by ASF on the former head of NN Pensii.
The Superior Court ruled in his favor
The CAB’s decision was appealed by ASF, the request was rejected on Friday by the Superior Court of Cassation and Justice.
HCCJ Decision: „Rejects the objection of inadmissibility of the incidental appeal filed by the plaintiff Ţintoiu Raluca Ioana Georgiana, invoked by the appellant-defendant the Financial Supervision Authority. Rejects the appeal filed by the defendant Financial Supervision Authority against civil judgment No. 4114 of October 16, 2018 of the Bucharest Court of Appeal – Section VIII of administrative and tax litigation, as unfounded. It rejects the incidental appeal filed by the plaintiff Ţintoiu Raluca Ioana Georgiana against civil judgment No. 4114 of October 16, 2018 of the Bucharest Court of Appeal – Section VIII of the administrative and fiscal contentious, for lack of interest. Final. Delivered in public hearing today, November 26, 2020 ”.
Read also:
The first reaction of ASF, after losing the lawsuit with the former head of NN Pensii, in the scandal of the nationalization of Pilar II
Who Voted to Sanction NN Pensions
All the board members of the Financial Supervision Authority (ASF) voted for the historic sanction of NN Pensii, in the scandal of the possible nationalization of the Second Pillar of pensions, admitted in 2019 Cornel Coca Constantinescu, first vice president of the Authority in that moment.
At that time, the ASF council consisted of Mişu Negriţoiu (president), Cornel Coca Constantinescu (first vice president), Mircea Ursache (vice president), Ion Giurescu (vice president), Gabriela Boca (non-executive member), Gheorghe Marcu (member non-executive), Albin Biro (non-executive member), Dan Armeanu (non-executive member). Five of the eight councilors attended the meeting in which it was decided to sanction NN Pensii.
Currently, of these, only Dan Armeanu is still on the board of the ASF, occupying the position of Vice President of the Private Pension System Sector.
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