Fine against Blackstone Resources AG final after arbitration ruling

The Court of Arbitration of SIX Group AG has dismissed the appeal filed by Blackstone Resources AG against a decision of the Sanctions Commission of SIX Group AG. The decision of the Sanctions Commission ordering Blackstone Resources AG to pay a fine of CHF 250,000 for grossly negligent violations of the accounting standards is therefore final.

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In a decision dated 22 March 2022, the Sanctions Commission of SIX Group AG imposed a fine of CHF 250,000 on Blackstone Resources AG for grossly negligent violations of IFRS accounting standards. The Sanctions Commission found serious errors in the accounting of goodwill, the consolidation of a subsidiary and the accounting treatment of the disposal of that subsidiary.

On 24 May 2022, Blackstone Resources AG filed an appeal against this decision with the Court of Arbitration of SIX Group AG. In its final award of 4 December 2023, the Court of Arbitration dismissed the appeal and confirmed the decision of the Sanctions Commission in its entirety.

After expiry of the appeal period, the decision of the Court of Arbitration has become final and binding.

The registered shares of Blackstone Resources AG have since been delisted from SIX Swiss Exchange AG as of 13 October 2022.

If you have any questions, please contact
Hrvoje Tkalcec, Head Communications & Media Relations.
Phone: +41 58 399 2267
Email: ser_media@six-group.com

SIX Exchange Regulation AG is a legally independent company of SIX Group and of one the Regulatory bodies of the SIX trading venues. It performs the functions assigned under Swiss federal law and enforces the rules laid down by the Regulatory Board, and monitors compliance with legal and regulatory requirements. As part of its diverse remit, SIX Exchange Regulation AG submits proposals for sanctions to the Sanctions Commission or can enact sanction notices. SIX Exchange Regulation AG consists of the divisions Listing & Enforcement, responsible for regulating issuers, and Surveillance & Enforcement, which monitors trading.
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SIX provides and operates stable and efficient infrastructure for the Swiss and Spanish financial centers, thus ensuring access to the capital markets and the flow of information and money between financial market players. As a global provider of financial information, SIX delivers high-quality reference, pricing, corporate actions, and ESG data and provides regulatory services and indices to clients around the world. The company is owned by its users (more than 120 banks) with a workforce of 4,160 employees and a presence in 19 countries.
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Media Release

Fine against Blackstone Resources AG final after arbitration ruling