National Commission for Financial Markets approves Vienna Insurance Group mandatory bid for 4.8 percent of Moldasig and fines Flex Financial MDL 50000

The National Commission for Financial Markets adopted two notable decisions at its June 30 board meeting. It approved the prospectus for a mandatory takeover bid by Vienna Insurance Group AG Wiener Versicherung Gruppe to acquire 28,800 ordinary registered shares in Moldasig, equal to 4.80 percent of total issued shares, at MDL 360 per share over a 14-day period from the bid’s launch. It also imposed a coercive fine of MDL 50,000 on nonbank creditor Flex Financial SRL for only partially complying with a January 27, 2025 order. That earlier order required the creditor, for credit contracts where legal breaches had been identified, to return all payments made by consumers under those contracts, including interest, commissions, fees, penalties, default interest and any other payments, except the original amount disbursed. Consumers who entered into credit contracts with Flex Financial between January 1 and September 30, 2024 may ask the creditor to review their contracts to determine whether they qualify for reimbursement. The commission stressed that reimbursement does not automatically apply to all contracts signed in that period, only to those in which breaches of the law were found. Consumers who believe they are affected and face difficulties in exercising their rights are invited to contact the National Commission for Financial Markets in its role as the competent authority for financial services consumer protection.