Finnish authority says Koncar owes €120m
The Finnish Financial Supervisory Authority (FFSA) has ordered Aim-listed Afarak Group COO Dr Danko Koncar to pay €120-million to the State of Finland.
This follows after Koncar failed to comply with obligations imposed on him in the FFSA decision to publish a mandatory bid referred to in the Securities Markets Act (SMA) for shares issued by Afarak Group and securities issued by Afarak carrying entitlement to its shares, as provided in the SMA, within a month of being served the FFSA decision.
The authority in February 2018 ordered Koncar to launch a takeover bid for Afarak’s shares, claiming that he and entities controlled by him had acted together to exercise control over the specialty alloys producer and imposed a running conditional fine to enforce that ruling.
As at June 2019, the fine stood at €110-million, but supplementary amounts have accrued since.
The Helsinki Administrative Court in March 2019 considered that the date of service of the decision imposing the conditional fine shall be the date when Koncar’s appeal was received by the administrative court, which was May 16, 2018.
Koncar has not published a bid required by the decision imposing the conditional fine within a month of service of the decision. Koncar reportedly did not present a valid reason for his failure to comply with the obligation.
Koncar was cited in a statement by the FFSA as saying that the information concerning the hearing had not been served to him in a manner required by law and that the deadline for his obligation had not begun to lapse yet.
However, the FFSA considers that the hearing concerning ordering the payment of the supplementary amounts of the conditional fine was conducted in compliance with the Act on Conditional Fines and the Administrative Procedure Act.
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