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CNVM irrevocably won the suit regarding the delisting of Rompetrol Rafinare

On the 13th of September 2012 the High Court of Cassation and Justice irrevocably dismissed the suit brought by The Rompetrol Group NV (TRG) – shareholder at RRC – , against National Commission for Movable Properties (CNVM).

In this suit CNVM was represented in court by law firm Danila Petre si Asociatii.

The High Court of Cassation and Justice confirmed the CNVM decision trough which they suspended Rompetrol group’s right to start the procedure of withdrawal of minority shareholders from Rompetrol Rafinare (RRC) in regard to delisting the company was legal. Though the same decision, the High Court of Cassation and Justice absolved CNVM from paying damages to RRC, more precise 155.203.262,74 RON material damages and 1.000.000 RON moral damages.

So, the Supreme Court, besides confirming the legality of CNVM’s measure, exempted them from paying damages of around 50.000.000 Dollars.

We remind you that CNVM decision trough which they suspended Rompetrol group’s right to start the procedure of withdrawal of minority shareholders from Rompetrol Rafinare (RRC) was contested by TRG at Bucharest Appeals Court. After Bucharest Appeals Court annulled the administrative document that was in dispute and obligated CNVM to pay moral damages, revoking material damages, a decision that both CNVM and TRG contested, the Supreme Court rejected the contestations from TRG and admitted the ones made by CNVM and the Romanian State(which intervened in support of CNVM).

>> The source: JURIDICE.ro

Vlad VRNÎCEANU

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