Finnish Financial Supervisory Authority orders Danko Koncar to pay EUR 120 million in supplementary conditional fine for failing to launch Afarak bid

The Finnish Financial Supervisory Authority (FIN-FSA) ordered Danko Koncar to pay supplementary amounts of a running conditional fine totalling EUR 120,000,000 after finding he failed to publish a public bid for shares in Afarak Group Plc and did not present a valid reason for non-compliance. The supplementary amounts cover accruals from 17 September 2020 to 16 September 2021. The action follows a FIN-FSA decision of 21 February 2018 obliging Koncar to launch a public bid for Afarak shares, backed by a running conditional fine, with the bid publication deadline expiring on 16 June 2018; the FIN-FSA stated that the continued failure to comply with the bid obligation has undermined confidence in the securities markets. The decision ordering the supplementary amounts payable is not legally binding and can be appealed to the Helsinki Administrative Court within 30 days of service. The underlying obligations and the running conditional fines remain in force after the supplementary amounts have been ordered payable.