Afarak shareholder and chief operating officer Danko Koncar has appealed a ?,?40 million ($46.8 million) conditional fine imposed by Finland's Financial Supervisory Authority (FIN-SA) after failing to launch a takeover bid, the Helsinki-listed chrome producer has said.
Koncar informed the company he has already appealed the decision, Afarak said on Tuesday July 10, adding that it was "not party to the matter" and that it would not comment further.Koncar was ordered in January to launch a public bid for Afarak shares by May 18, produce a valid reason for not complying, or face the conditional fine and a supplementary amount of ?,?10 million. FIN-SA said at the time that Koncar had undermined confidence in...