The CEO of Bulgarian insurance group Euroins' Romanian subsidiary, Mihnea Tobescu, had the sanctions dictated against him by the financial market regulator ASF suspended by a local court, Hotnews.ro reported.

On September 28, the Financial Supervisory Authority (ASF) fined Tobescu with RON 100,000 (EUR 20,000) and withdrew his license for allegedly overestimating the company's own funds by some EUR 10 million.

On October 21, the Bucharest Court of Appeal suspended the execution of ASF's decision.

The decision is not final, and it is valid until the local courts rule on Tobescu's request to cancel ASF's sanctions.

ASF also fined Euroins with a total sum of RON 2.1 million (EUR 430,000) for irregularities in calculating the company's own funds and setting the technical reserves.

(Photo: Pixabay)

andrei@romania-insider.com