Bucharest Court lowers BRD’s EUR 4 mln fine 20 times

The Bucharest Court has reduced to EUR 20,000 (RON 100,000) a EUR 4 million fine which the Competition Council had given local lender BRD for barring an inspection in 2008. The Court followed the general law over the Competition legislation, said yesterday Bogdan Chiritoiu, the Council’s president, cited by local Dailybusiness.ro. Chiritoiu said that he failed to understand how somebody imagines that a company the size of BRD can be discouraged to break the law if it receives a EUR 20,000 fine. However, the decision is final and irrevocable, and the Council needs to apply it. In a similar investigation, the Bucharest Court decided local lender Raiffeisen Bank should pay a EUR 1 million fine. editor@romania-insider.com