29
Fri, Mar
48 New Articles

RTPR and Allen & Overy Successful for Zenith Media Communications Before CJEU

RTPR and Allen & Overy Successful for Zenith Media Communications Before CJEU

Deals and Cases
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Radu Taracila Padurari Retevoescu and Allen & Overy have successfully represented Romania's Zenith Media Communications before the CJEU in a dispute regarding the calculation of competition infringement-related fines. 

According to RTPR, as a result of the CJEU decision – while calculating fines for competition infringements – the amount of imposed fines will have to reflect the real economic situation of the sanctioned companies. "For certain companies, such as media agencies, travel agencies, bookmakers, ticket offices, labor recruitment companies, auction houses, etc., the nature of their business requires that various amounts transit the company accounts temporarily and for operational purposes – e.g., advertising budgets, tourist packages, other amounts reimbursed to clients," the firm reported. "Depending on the accounting approach chosen, this may mean that the balance sheets of the respective companies will also reflect all these amounts in their turnover."

The CJEU "ruled that proportionality and substance-over-form principles will prevail in the calculation of the percentage fines applied by reference to turnover," RTPR informed. "The court ruled that the formalist approach whereby when applying the fine the national competition authority takes into account in all instances the accounting turnover of the company, without analyzing the company’s arguments that prove that the turnover mentioned in the balance sheet does not reflect the real economic situation of the company, is contrary to EU law."

The RTPR team included Partners Valentin Berea and Roxana Ionescu, Managing Associate Andrada Rusan, and Associates Petrus Partene and Laura Costea.

The Allen & Overy team included Budapest-based Counsel Attila Komives.

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

Firm's website.

Our Latest Issue