Today the Supreme Court of Iceland rendered a judgment in the case of Eimskipafélag Íslands hf. against the Financial Supervisory Authority and the Icelandic Government.
The background of the case is that the Financial Supervisory Authority made a decision in March 2017 that Eimskipafélag Íslands hf. had violated Art. 122.1 of the Securities Act no. 108/2007 by not disclosing inside information which the Financial Supervisory Authority claimed that had been formed in a draft of the 2016 first quarter results. A fine of ISK 50,000,000 was imposed on the company.
The District Court of Reykjavík acquitted the Financial Supervisory Authority in a judgement rendered in April 2018, which the Court of Appeal confirmed last June.
Eimskip applied for a right to appeal the case which the Supreme Court granted last summer, as the court deemed that this case could create a precedent for the Icelandic securities market. The conclusion of the Supreme Court of Iceland is that the appealed judgement of the Court of Appeal is confirmed.
Eimskip is of the opinion that all preparation and publishing of the 2016 first quarter results was done in accordance with applicable law and good corporate governance, as it was in accordance with prior published EBITDA guidance for year 2016. Therefore this conclusion is a disappointment for the Company.
The judgement will be available at the court’s website.
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