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CPC Chairman: I will not allow a "cover up"

02/04/2003 12:14
Is there a “banking cartel” in Cyprus between the Bank of Cyprus, the Popular and the Hellenic Bank? Do the three banks cooperate “behind the scenes” and pre-agree on the policy and the services they will offer, regulating the competition against their unsuspicious customers?

Chairman of the Competition Protection Committee, Christodoulos Tsielepos, told StockWatch that the Committee has set the case under precautionary investigation, stressing that the banking sector is particularly complicated and rejecting the possibility of a “cover up”.

Mr. Tsielepos said that the Competition Protection Committee did not (and will not) allow “cover ups” and added that the violation of legislation provides for the imposition of fines (up to 10% of the turnover) and the issue of a legislative decree for the compliance with the existing rules.