Supreme Administrative Court issues decision on penalty payment imposed on Navi Group Ltd (currently Privanet Capital Markets Ltd)
The Supreme Administrative Court has issued its decision on the appeal lodged by the Financial Supervisory Authority (FIN-FSA) requesting that the Court set aside the ruling of the Market Court on the penalty payment imposed on Navi Group Ltd. The present trade name of Navi Group Ltd is Privanet Capital Markets Ltd. The company is a subsidiary of Privanet Group Oyj.
By its decision of 4 November 2014, the FIN-FSA imposed a penalty payment in the amount of EUR 100,000 on Navi Group Ltd. In its decision, the FIN-FSA noted that the company had been in breach of several provisions of the law during the period 31 December 2011–22 November 2013. By its ruling of 23 September 2015, the Market Court overturned certain parts of the FIN-FSA decision and reduced the penalty payment imposed on Navi Group Ltd to EUR 80,000.
In its appeal to the Supreme Administrative Court, the FIN-FSA argued that its decision to impose a penalty payment on Navi Group Ltd should not be set aside in any respect but should instead be kept in force as such.
By its decision, the Supreme Administrative Court rejected the appeal lodged by the FIN-FSA and, hence, did not change the ruling of the Market Court.
To request an interview with
Sonja Lohse, Head of Director General’s Staff, Chief Adviser, please contact FIN-FSA Communications, tel. +358 50 385 5154 (weekdays 9.00–16.00)
Decision of the Supreme Administrative Court (pdf, in Finnish)