21/10/2005 10:15
Within the framework of the ex-officio investigation launched in the past ten days of March 2005, the Competition Protection Committee has suspicions for the breach of the Protection of Competition law by JCC Payments and the three largest commercial banks (Popular Bank, Bank of Cyprus and Hellenic Bank).
According to a CPC announcement, the violations concern articles 4 and 6 of the law and are located in the debits and the terms of transaction as adopted in Cyprus at the use of Visa and Mastercard, within the framework of the provisions of articles 4 and 6 of the Competition Protection Law 207/89.
The CPC discovered an abuse of dominant position, discriminations, illicit prices and a banks’ cartel via the JCC.
The Committee has already prepared a report of Accusation, referring to the breaches of the legislation, which are attributable to the two parties involved.
“The two parties have been invited to express their views on the Report and the findings of the Competition Protection Committee”, the announcement said.
If JCC and the banks are found guilty, they will be imposed fines that might even reach 10% of their turnover.
According to a CPC announcement, the violations concern articles 4 and 6 of the law and are located in the debits and the terms of transaction as adopted in Cyprus at the use of Visa and Mastercard, within the framework of the provisions of articles 4 and 6 of the Competition Protection Law 207/89.
The CPC discovered an abuse of dominant position, discriminations, illicit prices and a banks’ cartel via the JCC.
The Committee has already prepared a report of Accusation, referring to the breaches of the legislation, which are attributable to the two parties involved.
“The two parties have been invited to express their views on the Report and the findings of the Competition Protection Committee”, the announcement said.
If JCC and the banks are found guilty, they will be imposed fines that might even reach 10% of their turnover.
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