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HELSINKI ADMINISTRATIVE COURT DID NOT AMEND THE FIN-FSA DECISION
07:15 London, 09:15 Helsinki, 26 January 2021 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)
HELSINKI ADMINISTRATIVE COURT DID NOT AMEND THE FIN-FSA DECISION
Stock Exchange Release
Helsinki Administrative Court issued today its decision concerning Afarak’s appeal related to FIN-FSA’s decision on penalty payment imposed to Afarak.
Helsinki Administrative Court did not amend the FIN-FSA decision.
On 24 September 2019, Afarak released information that FIN-FSA imposed penalty payment of EUR 1 450 000 to Afarak for failures relating to disclosure of inside information and maintenance of insider lists.
The decision of the Helsinki Administrative Court is not yet legally binding. The company has the right to appeal the decision issued on 26 January.2021 to the Supreme Administrative Court within 30 days of receipt of notice of the decision, provided that the Supreme Administrative Court grants a permission to appeal.
The board of directors will study the Helsinki Administrative Court’s decision carefully and reflect about the appropriate legal actions. The Company will update the market in due course about its next steps.
Helsinki, January 26, 2021
AFARAK GROUP PLC
Board of Directors
For additional information, please contact:
Afarak Group Plc
Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.com
Financial reports and other investor information are available on the Company's website: www.afarak.com.
Afarak Group is a specialist alloy producer focused on delivering sustainable growth with a Speciality Alloys business in southern Europe and a FerroAlloys business in South Africa. The Company is listed on NASDAQ Helsinki (AFAGR) and the Main Market of the London Stock Exchange (AFRK).
Distribution:
NASDAQ Helsinki
London Stock Exchange
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