Turkish Competition Authority established a cartel between 12 banks

Turkish Competition Authority established a cartel between 12 banks

he "Cartel" decision of the Turkish Competition Authority, condemning the 12 banks in Turkey for having participated in cartel activities through agreements and / or engaging in concerted practices related to deposit banking services, loan and credit card between 21.08.2007. This decision was confirmed on 22.09.2011 by the Turkish State Council.

According to the decision of the Turkish Competition Authority of March 8, 2013, the banks violated Article 4 of Law No. 4054 on the protection of competition, by entering into agreements and / or engaging in Collaborative practices related to deposit, loan and credit card services.

As a result, the Authority has imposed heavy fines on 12 banks that are involved in cartel activity, the total amount reached 1 billion 116 million TL 957,468. All recourse to this decision was rejected by the Turkish State Council. The decision has therefore become final and binding.

According to the decision of the Turkish Competition Authority, which is based on Article 4 of the Law on Protection of Competition;

Agreements and concerted practices between companies and business practices that result in:

Preventing, distorting or restricting competition directly or indirectly in a particular market for goods or services is illegal and prohibited ";

The provision was inspired by paragraph 1 of Article 101 of the Treaty on the Functioning of the European Union.

The Autorité de la concurrence has discovered that banks have agreed to an agreement to raise interest rates on several banking products.

According to Article 58 of the Law, banks that have violated competition law by an agreement could be sentenced to compensation up to three times the amount of material damage or profits earned or likely to be made. earned by those who caused the damage.