Former pension exec wins lawsuit against pension overseer in nationalisation row

Former CEO of NN Pensii pension company Raluca Tintoiu on Friday won a lawsuit brought before the Supreme Court of Justice for the annulment of a fine issued to her by the Financial Oversight Authority (ASF) in 2017 amidst rumours regarding the nationalisation of Pillar II pension plans.

The Supreme Court on Thursday denied ASF's appeal and upheld the decision issued in October 2018 by the Bucharest Court of Appeal, annulling part of the fine issued by ASF.

The Bucharest Court of Appeal back then denied a request made by Tintoiu for ASF to return the fine of 100,000 lei, but ASF was to pay the former head of NN Pensii damages of 1,000 euros.

In April 2017, ASF fined NN Pensii 1% of its share capital, namely 750,000 lei, after the company sent customers a letter informing them that there were public discussions regarding a possible decision to nationalise Pillar II pension plans.

Tintoiu had her business licence withdrawn and was ordered to pay 100,000 lei in fines.

On April 12, 2017, NN Pensii sent a letter to customers informing them that there were public discussions regarding a possible decision to nationalise pension plans and recommended them to constantly monitor what happens to their pensions.

Then Minister of Finance Viorel Stefan argued that the information on the government's intention to nationalise Pillar II pensions has "no grounds" and said that there is "no political, economic, financial, budgetary reason" to determine such a decision.

In his turn, former national chairman of the Social Democratic Party (PSD) Liviu Dragnea said that the "scandal" generated by the NN letter is in fact "a fake" originating with ASF Chairman Misu Negritoiu, and the Romanian government should ask the Dutch Embassy and the ING local management for explanations.

Dragnea also demanded that NN Pensii be "very harshly" penalised.