DNO International ASA filed a suit against Oslo Børs ASA regarding the validity of a decision by The Stock Exchange Appeals Committee regarding a fine imposed for breach of an information obligation towards the stock exchange. Proceedings were held at the end of November this year. Oslo city court has now reached a decision and DNO notes that it has not been heard by the city court in this case.
DNO argued that the decision by The Stock Exchange Appeals Committee and the corresponding fine was invalid on several grounds. Central to the case was the question on whether the stock exchange at all had sufficient legal basis to impose such a fine. In addition the case raised questions on the extent of the penalty rule, the extent of the information obligation towards the stock exchange and a company`s right not to incriminate itself.
At first glance the immediate evaluation is that several of DNO`s legal grounds have not been mentioned or evaluated by the city court. DNO disagrees with the premises of the decision, and it is likely that the decision will be appealed.
Oslo, 21 December 2010
DNO International ASA