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27-08-2018 11:49
DGKV Successful for the Financial Supervision Commission in Administrative Litigation

DGKV’s Dispute Resolution Practice Group achieved new success in defending our clients’ interests by professionally finalising a milestone lawsuit before national administrative courts.

We are proud to announce that DGKV achieved success for the Bulgarian financial regulator before the five-member cassation panel of the Supreme Administrative Court in the milestone case of a total of 19 proceedings on an appeal of IsaOdit Ltd. (formerly named RSM Bulgaria OOD) against the watchdog’s decision to remove it from the list of approved independent auditors to verify the assets of Bulgarian pension and insurance companies. The regulator’s decision was taken on 2 September 2016 and was invoked by a report of the European Insurance and Occupational Pensions Authority (EIOPA) which revealed that the documents provided by the auditor contained significant false information. They proved RSM’s qualifications, experience and availability of resources and served as grounds for approving it as auditor by the Financial Supervision Commission. Although the auditor had almost entirely accomplished the inspections of several funds and insurance companies, the watchdog obliged the insurers and pension companies to immediately terminate their contracts with RSM and to select a new auditor from the approved list. 

DGKV’s team working on these complex cases included partner Angel Ganev, Senior Associates Anton Krustev and Vlada Tsenova, and Associates Nikola Minchev and Galin Atanasoff.  

Source: www.dgkv.com
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