A PYMNTS Company

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

 |  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.”


Full Content: Bloomberg

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