IN THE CASE OF MANDATORY PUBLIC TAKEOVER OFFERS A shareholder complains that the fines levied by the CNVM are not paid

Even though it's been years since the CNVM has levied fines against "Corint" Târgovişte (CONY) for failing to conduct the tender offer and buy out the existing shareholders, the fines have not been paid nor have any assets seized in response to the failure to pay the fines, according to a shareholder of the company who wrote to our editors.

"I hereby inform you that the fines levied against Axinte Gheorghe for the failure to conduct the tender offer addressed to the minority shareholders of < Corint > SA Târgovişte, - with myself being one of those shareholders, have not been paid nor have any assets been seized for failure to pay those fines, even though some of them were 2-3 years old", the shareholder said.

He also mentions the numbers of the fines levied by the CNVM against Axinte Gheorghe: Ordinance No. 69/06.03.2012 - a fine of 25,000 lei; Ordinance no. 544/15.11.2011 - a fine of 20,000 lei; Ordinance no. 179/20.04.2010 - a fine of 15,000 lei; - Ordinance no. 410/21.07.2009 - a fine of 10,000 lei, etc.

According to the stock market legislation, any shareholder owning more than 33% of the voting rights of a company is required to perform a tender offer.

Axinte Gheorghe holds over 61% of the share capital of Corint Târgovişte.

According to a response sent by the representatives of the CNVM at the end of May, between 2011-2012, the Romanian National Securities Commission has levied a number of 161 sanctions for the failure to perform tender offers against the shareholders of 31 companies, for a total of 1,198,669.9 lei.

Even though the Commission is sometimes forced to issue repeated fines against the same person for the same deed, according to its weekly bulletins, the stock market watchdog stated that it is not empowered to pursue the payment of those fines.