The Competition, Regulatory and Surveillance Court found TAP’s appeal against a €50,000 fine imposed by the Securities Market Commission (CMVM) to be unfounded as it found it had sent “incorrect” information to the market.
“The appeal is rejected as completely unfounded, with the appellant’s conviction upheld as a whole. [TAP] a fine of 50,000 euros for intentional commission of a prescribed crime, […] constitutes a breach of the duty to disclose qualitative information,” reads the Competition Court judgment dated April 8, published today by the CMVM.
At issue is a fine imposed by the CMVM on TAP because it was deemed to have provided “untruthful” information regarding the departure of former administrator Alexandra Reis.
Author: Lusa
Source: CM Jornal
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