Court quashes fine imposed on Mr Gerner for failing to publish price-sensitive information in good time; AFM lodges a further appeal

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On 24 April 2017, the court in Rotterdam quashed on appeal the fine that the Dutch Authority for the Financial Markets (AFM) had imposed on Mr Gerner in 2015. The fine was €600,000.

States of the legal proceedings
Fine imposed Objection Appeal Further appeal
Submitted Decision rendered Submitted Decision rendered Submitted Decision rendered
02-12-2015    02-01-016 07-06-2016 1 18-06-016 24-04-2017 2 02-06-2017 3

1) The AFM ruled, stating its reasons, that the objection to the decision to impose a fine was unfounded.
2) The court ruled that there were grounds for Mr Gerner’s appeal, annulled the AFM’s decision on the objection and revoked the decision to impose a fine.
3) The AFM has lodged a further appeal.

On 2 December 2015, the AFM imposed an administrative penalty of €600,000 on Mr Gerner; according to the AFM, his role as the actual manager meant he was responsible for the failure by Royal Imtech N.V. (hereinafter “Imtech”) to publish price-sensitive information in good time.

According to the court, the AFM failed to demonstrate that Imtech should have assumed that the funding of the project would be endangered and that Imtech should therefore have made that risk known. The court’s opinion is that there was no information that would have affected the prices that Imtech should have made public.

The AFM has removed the earlier press release, the decision to impose a fine and the ruling on the objection from its website.

For communications questions, please contact the AFM spokesperson Michiel Gosens on +31 (0)20-7972771 or

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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