FAS SUSPECTS ELEMENTS OF AN ANTICOMPETITIVE AGREEMENT ON THE MARKET OF TENDER LOANS

Administrators of an e-service for tender loans are suspected of collusion aimed at preventing its competitors to grant loans using this service

On 29 January 2018, FAS opened a case against “OFP” JSC and “Brio Finance” Ltd. The actions of these companies had some signs of an agreement aimed at restricting competition on the tender loan market.

The case was opened upon materials of unscheduled inspections of “OFP” JSC and “Brio Finance” Ltd. carried our by FAS due to a relevant petition.

In the course of the inspection, the antimonopoly body established that since 1 January 2017 “OFP” JSC and “Brio Finance” Ltd. are the administrators of “Credit financing of auction bid security” services at the electronic trading site of “Sberbank - AST” CJSC.

Prior to obtaining such functions based on the outcome of a relevant tender and implementing them, “OFP” JSC and “Brio Finance” Ltd. themselves used to be financial organizations – service partners, involved in tender loans.

According to the inspections materials, since the functions to administer the service were transferred to “OFP” JSC and “Brio Finance” Ltd., one of the economic entities earlier involved in such activities was refused connection to the service. The grounds for refusal include, in particular, absence of approved requirements to financial organizations that can be connected to the service. At the same time, other financial organizations were not refused to connect to the service in similar conditions.

These and other circumstances exposed in the course of the investigations are the grounds for FAS to initiate proceedings against “OFP” JSC and “Brio Finance” Ltd. upon signs of violating Part 4 Article 11 of the Federal Law “On Protection of Competition”.

The hearing date will be set within 15 days upon opening the case.