A PYMNTS Company

Ecuador: Top banks in hot water for collective emails warning against tax proposal

By  |  January 15, 2013

Ecuador’s head of antitrust watchdog the Superintendency for Control of Market Power is reportedly investigating some of the nation’s banks after they sent a warning to customers concerning President Rafael Correa’s proposed anti-poverty taxes. According to reports, banks warned their customers that the taxes were a threat to Ecuador’s financial system; Pedro Paez, he head of the Superintendency, is now investigating whether that warning was a breach of antitrust law. Specifically, the probe was initiated to investigate the banks’ supposed collusion of sending out emails about the taxes. Paez denied to name the banks involved, but noted that there was “a collective, simultaneous action from the most important banks, the dominant operators in the market.”

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

     

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Full Content: Bloomberg

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.