Antimonopoly watchdog's decision to fine Master-Bank confirned by court
MOSCOW, September 27 - RAPSI, Alyona Yegorova. The Moscow Commercial Court dismissed Master-Bank's appeal to invalidate the antimonopoly watchdog's ruling to fine the bank $3,100 for an improper advertisement, the Russian Legal Information Agency (RAPSI) reported from the court.
Master-Bank was established in 1992. It is one of Russia's 100 largest banks. Its charter capital amounts to $104.08 million.
On June 17, the Federal Antimonopoly Service's Moscow Department fined the bank for violating the law "On Advertisement." During the examination of the materials, it was established that Master-Bank distributed adverts on the provision of loans to small- and medium-sized businesses.
The leaflets lacked essential information as to the terms to get the advertised loans as well as the interest rates that could confuse customers. And this violates advertisement law.
In turn, the bank appealed the service's ruling. It said its advertisement did not violate the law and it did have to contain the information on the interest rates and the time of the credit granting.
During the hearing, it was stated that the bank did not dispute the service's decision on the violation of antimonopoly law.