Tirana Court rejects investigation by Competition Authority
Uncategorized Thursday, April 26th, 2007Competition Authority lost an important lawsuit in the Tirana court which could
potentially block its activities against monopolies, a top official said last
week. The Tirana District Court issued an intermediary decision in a legal
battle between the Authority and the powerful insurance industry.
last month that eight insurance companies had violated the anti-monopoly law by
creating a unified office for the sale of international police for car
insurance, which is an important product with an yearly turn over of EUR 4 million.
The legal battle started after the Authority
had fined the companies, but the recent court decision concluded that the whole
investigation was illegal.
"The court practically has closed the
Authority", commented a top official, announcing that they would appeal
the decision.
Albanian courts are considered to be the
highest corruption-affected institutions in the country, according to
perception polls carried out by Transparency International.
The Albania Competition Authority was
established two years ago. Since then it has conducted several investigations
for competition violations in the insurance and telecommunication sectors.
However, its work has been affected greatly by the general weakness of Albanian
institutions.
Last year, the Albanian Insurance market reported
a turn-over of EUR 40 million. It is controlled mainly by local businessmen, but
the last months there have seen also an injection of foreign investors into the
existing companies.
Short URL: http://www.albanianeconomy.com/news/?p=271
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on Apr 26 2007. Filed under Uncategorized.
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