The disciplinary fine order related to a breach of section 325 of the German Commercial Code (Handelsgesetzbuch – HGB). Deutsche Cannabis AG failed to submit its consolidated accounting documents for the financial year 2012 for the purpose of disclosure to the operator of the German Federal Gazette (Bundesanzeiger) in electronic form. The legal basis for the sanction is section 335 of the HGB.
The company lodged a complaint against the disciplinary fine order.
In a decision dated 28 October 2020, the Bonn Regional Court (Landgericht Bonn) reduced the disciplinary fine to 350,000 euros; the other aspects of the complaint were dismissed on the merits. The court granted leave to lodge a complaint on points of law to the Cologne Higher Regional Court (Oberlandesgericht Köln).
Update (26.01.2021):
On 2 December 2020, the Federal Office of Justice lodged a complaint on points of law to the Cologne Higher Regional Court against the decision by the Bonn Regional Court of 28 October 2020 to reduce the disciplinary fine.
On 19 January 2021, the Federal Office of Justice withdrew the complaint it had lodged on 2 December 2020.
This news item was originally published by the Federal Financial Supervisory Authority (BaFin DE). For more information, see the Source Link.
