19/05/2004 16:03
The Competition Protection Committee is currently examining the possibility of a cartel in the Cyprus iron market, after the recent reports on the press concerning the high prices of the iron, sources told StockWatch on Wednesday. The Committee has already collected the data and examines whether the international price hike in iron justifies the increase in the price of iron in the domestic market. The evaluation has not been completed yet and the Committee has not decided whether it will proceed to the investigation.
An iron import representative told StockWatch that the Committee had requested explanations on the iron prices two months ago. “Any uniformity in the price of iron in Cyprus was attributable to the fact that the Cypriot importers had the same suppliers from the former Soviet Union countries until April 30”.
However, no decision for the conduct of an investigation may be taken at the current stage since the permanent composition of the Committee has not been completed yet after the appointment of the new member Mr. Leontios Pericleous and the withdrawal of Mr. Evangelos Sykopetritis.
According to StockWatch sources, the Committee expects an official letter by the Commerce Minister for the appointment of Mr. Pericleous, which will turn “the green light” for the examination of pending cases, such as the banking ‘cartel’”.
An iron import representative told StockWatch that the Committee had requested explanations on the iron prices two months ago. “Any uniformity in the price of iron in Cyprus was attributable to the fact that the Cypriot importers had the same suppliers from the former Soviet Union countries until April 30”.
However, no decision for the conduct of an investigation may be taken at the current stage since the permanent composition of the Committee has not been completed yet after the appointment of the new member Mr. Leontios Pericleous and the withdrawal of Mr. Evangelos Sykopetritis.
According to StockWatch sources, the Committee expects an official letter by the Commerce Minister for the appointment of Mr. Pericleous, which will turn “the green light” for the examination of pending cases, such as the banking ‘cartel’”.
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