Court delivers ruling in matter between Delta Lloyd and Dutch Central Bank (DNB)
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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.
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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 The entire ruling will not be published by the court until Monday, 3 August 2015, the reason being that - as is customary in matters such as these - the parties will be given the opportunity to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
EUR 120,000, thereby reducing it to EUR 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).
Copyright GlobeNewswire
Attachment(s)
http://hugin.info/142905/R/1943005/703226.pdf
http://hugin.info/142905/R/1943005/703225.pdf
http://hugin.info/142905/R/1943005/703227.pdf
http://hugin.info/142905/R/1943005/703219.pdf
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