OREANDA-NEWS. May 26, 2011. The Office of the Federal Antimonopoly Service in the Republic of Tatarstan (Tatarstan OFAS Russia) made “Avangard” Shareholding Commercial Bank” OJSC administratively liable under Part 5 Article 19.8 of the Code of the Russian Federation on Administrative Violations for failure to submit information upon a request of the antimonopoly body, reported the press-centre of FAS Russia.

Earlier Tatarstan OFAS Russia received a complaint from a Kazan resident that “Avangard” Shareholding Commercial Bank” OJSC had attempted to force the borrower to enter into contracts for personal and property insurance with “Avangard-Garant” Insurance Group” CJSC, and unreasonably refused to approve the insurance company chosen by the borrower in order to insure the risks in accordance with the agreement for providing a credit card against security (a motor vehicle).

To be able to objectively investigate the issue, the antimonopoly body requested “Avangard” Shareholding Commercial Bank” OJSC to submit necessary information and documents.

However, the bank failed to submit full information to Tatarstan OFAS Russia, which constituted the grounds for opening an administrative case against the bank.

“Investigation of the antimonopoly case resulted in imposing punitive sanctions. The decision of Tatarstan OFAS Russia to hold “Avangard” Shareholding Commercial Bank” OJSC administratively liable does not relieve the bank from submitting all requested documents and data to the antimonopoly body”, said Deputy Head of Tatarstan OFAS Russia, Mr. Ivan Scherbakov.

Reference:

1. According to Part 2 Article 44 of the Federal Law “On Protection of Competition”, investigating a petition or materials, an antimonopoly body has the right, observing the law of the Russian Federation about state secrets, bank secrets, commercial secrets or other secrets protected by law, to request physical persons or legal entities, the authorities, local self-government bodies to submit documents, information, clarifications in a written or oral form related to the circumstances stated in the petition or materials.

2. Under Part 5 Article 19.8 of the Code of the Russian Federation on Administrative Violations, failure to present information (data) provided for by the antimonopoly law of the Russian Federation to the federal antimonopoly authority, its regional offices, including failure to present information (data) upon a request of the above bodies, except cases provided for in Parts 3 and 4 of this Article, as well as submitting knowingly incorrect information (data) to а the federal antimonopoly authority, its regional offices is punishable by an administrative fine upon citizens – from 1500 to 2500 Rubles,; upon officials – from 10,000 to 15,000 Rubles; upon legal entities – from 300,000 to 500,000 Rubles.

Earlier OFAS Russia established the fact of concerted actions between “Avangard” Shareholding Commercial Bank” OJSC and “Avangard-Garant” Insurance Group” CJSC and fined the bank and the insurance company.