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BRD fined 5 MN Euros, fine challenged in Court

de Radu Rizea
Vineri, 28 noiembrie 2008, 22:31 English | Business

The Romanian Competition Council fined the Reconstruction and Development Bank (BRD-Societe Generale) with 5 million Euros for the refuse to accept an unannounced inspection of the authority, investigating the competition on the banking and interbank services market. BRD replied that the measure is illegal and has no grounds, challenging it in court.

According to sources in the Competition Council, the inspectors were not allowed to enter the bank's headquarters for three hours.

"Conditions were created for the exchange of information between the entities involved in the control, as well as for a possible alteration of the documents the inspection targeted", a press release of the Council informs.

BRD-Groupe Societe Generale mentions that it allowed the inspections, eventually, despite numerous flaws in the official demand.

Ten financial institutions were investigated on Friday, during the Competition Council raid, but only BRD opposed the verifications.

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