Banks in Cyprus accused by the Commission for the Protection of Competition (CPC) of creating a cartel with regard to banking fees have been given until September 8 to submit their objections and make their cases to the CPC, according to reports.
Speaking to the local media following a recent meeting, CPC chairman, Christodoulos Tselepos revealed that: 'The Commission unanimously decided to give the banks until September 8 and our next meeting (to prepare their cases).'
He added that: 'The Commission has, amongst other things, the power to fine banks up to 10% of their turnover for the year.'
The allegations of fee-rigging in Cyprus reportedly stemmed from the discovery of an incriminating exchange of documents and letters between two banks.
Speaking recently, however, Central Bank governor, Christodoulos Christodoulou urged the CPC to proceed with 'great care', due to the already straitened circumstances of some of the banks.
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