Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Romania's Competition Council fines 16 local leasing companies

Romania's Competition Council slapped fines totaling RON 41.25 (EUR 8.47 million) on the Association of Romanian Financial Companies - ALB and its 16 member companies, for having violated the competition law.

ALB and its members participated in an exchange of commercially sensitive information, according to the competition watchdog. One of the ALB members helped the investigation in exchange for a softer penalty.

ALB mainly includes the leasing arms of the top local financial institutions (banks).

UniCredit Leasing Corporation IFN, the local leasing market leader, got the harshest penalty - RON 9 mln (EUR 1.85 mln). BT Leasing Transilvania IFN (RON 4.3 mln), Motoractive IFN (RON 3.66 mln), and Impuls Leasing Romania IFN (RON 3.46 mln) also got high fines.

The companies can challenge the decision, ALB stresses in a response.

The competition authority found, following an investigation, that some highly detailed pieces of information, such as the value of the asset, the period financed, the residual value, the portfolio, had been shared among ALB members, along with information on the value of current and future financing extended.

Following the competition authority's investigation, ALB adopted measures to comply with competition law, implementing a "black box" project. Thus, ALB concluded a contract with a consulting firm, which will centralize and process only information related to past periods (not the future intentions of companies), and then present them in an aggregate form (which does not allow the identification of strategic information of the participants), the quoted source also shows.

[email protected]

(Photo source: Dreamstime.com)

Normal
Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Romania's Competition Council fines 16 local leasing companies

Romania's Competition Council slapped fines totaling RON 41.25 (EUR 8.47 million) on the Association of Romanian Financial Companies - ALB and its 16 member companies, for having violated the competition law.

ALB and its members participated in an exchange of commercially sensitive information, according to the competition watchdog. One of the ALB members helped the investigation in exchange for a softer penalty.

ALB mainly includes the leasing arms of the top local financial institutions (banks).

UniCredit Leasing Corporation IFN, the local leasing market leader, got the harshest penalty - RON 9 mln (EUR 1.85 mln). BT Leasing Transilvania IFN (RON 4.3 mln), Motoractive IFN (RON 3.66 mln), and Impuls Leasing Romania IFN (RON 3.46 mln) also got high fines.

The companies can challenge the decision, ALB stresses in a response.

The competition authority found, following an investigation, that some highly detailed pieces of information, such as the value of the asset, the period financed, the residual value, the portfolio, had been shared among ALB members, along with information on the value of current and future financing extended.

Following the competition authority's investigation, ALB adopted measures to comply with competition law, implementing a "black box" project. Thus, ALB concluded a contract with a consulting firm, which will centralize and process only information related to past periods (not the future intentions of companies), and then present them in an aggregate form (which does not allow the identification of strategic information of the participants), the quoted source also shows.

[email protected]

(Photo source: Dreamstime.com)

Normal
 

Romania Insider Free Newsletters