Court delivers ruling in matter between Delta Lloyd and Dutch Central Bank (DNB)
July 31 2015 - 1:22PM
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Today, the administrative court
in Rotterdam delivered a ruling in Delta Lloyd's appeals against
the fine imposed on Delta Lloyd Levensverzekering NV by the Dutch
Central Bank (DNB) and against DNB's instruction to 'dismiss' the
CFO of Delta Lloyd NV by 1 January 2016 at the latest.
-
Delta Lloyd is currently
studying the ruling and will publish an official response on Monday
morning, 3 August before market opening. Until then, Delta Lloyd
will not comment on the ruling.
Summary of court ruling
This afternoon, at 5:45 p.m., the court delivered
a ruling in open court. The court only pronounced its decision
(operative part). It did not go into the reasons underlying its
decision. The entire ruling will not be published by the court
until Monday, 3 August 2015, the reason being that - as is
customary in matters such as these - the parties will be given the
opportunity to respond to the version of the ruling that the court
wants to post on www.rechtspraak.nl. Given this, Delta Lloyd will
not respond until it has analysed the ruling as a whole. Delta
Lloyd will not make any further comments on this matter until
Monday morning 07.30 a.m.
The operative part of the ruling pronounced by the
court reads as follows:
On 31 July 2015, a decision was
pronounced in the administrative matters concerning the fine that
was imposed on Delta Lloyd Levensverzekeringen N.V. and the
instruction to dismiss a Delta Lloyd executive.
The court has ordered DNB to take new decisions in
response to the objections raised against the instruction and ruled
that the dismissal need not be effected for a period of definite
duration. The court also ruled that DNB was correct in imposing the
fine. It did, however, lower the fine by
€ 120,000, thereby reducing it to € 22,680,000. The court will not
allow publication of the fining decision
Please find here the full text of the ruling that the administrative
court in Rotterdam delivered this afternoon.
Context: background to court proceedings
The matter involves a difference of opinion
between Delta Lloyd and DNB about the steps taken by DNB following
actions by Delta Lloyd in the summer of 2012. For the sake of
completeness, we refer to our press releases of 22 and 23 December
2014 and 30 January 2015 for further details (enclosed).
press release 23 December 2014
press release 22 December 2014
press release 31 July
press release 30 January 2015
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Delta Lloyd via Globenewswire
HUG#1943005
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