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Saturday 01.10.2016 | Name days: Lāsma, Zanda, Zandis
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Supreme Court declines Lipman’s complaint against FCMC

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe ruling of the Supreme Court that declines Grindeks shareholders Kirov Lipman’s and his son’s complaint against Finance and Capital Market Commission has come into force. The aforementioned complaint was submitted by Lipman and his son in order to challenge FCMC’s decision to punish them for breaching Financial Instruments Market Law.

According to Baiba Kataja, spokesperson of the Supreme Court, the ruling of the Administrative Regional Court has been kept unchanged. The ruling of the Supreme Court is final and is not subject to appeal.

Lipman had previously said FCMC’s decision to punish him and his brother was unjustified. «The Council of FCMC does not even have the right to make such a decision. It is not normal when businessmen who develop companies are treated in such a way. It was definitely an ordered hit,» – Lipman said.

The Council of FCMC had decided to punish both of the aforementioned Grindeks shareholders for uncovered violations. FCMC had applied a fine of EUR 14,200 to Kirov Lipman and EUR 10,650 to Filip Lipman.

For the breach of Section 66 of Financial Instruments Market Law, FCMC has the right to apply a fine of up to EUR 14,200. The person who committed the breach is also obligated to extend a share buy-back offer to minority shareholders.

Grindeks shares are featured on Nasdaq Riga’s official list. Grindeks’ largest shareholders include Kirov Lipman (33.29%), AmberStone Group (22.66%), Anna Lipman (16.69%), Swedbank Clients Account (9.56%).

Ref: 102.109.109.1472


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