SOGAZ fined for antimonopoly law violations

OAO SOGAZ was recently fined for non-compliance with the antimonopoly law.

The case started when Sverdlovsk Region’s division of the Federal Antimonopoly Service ruled on September 10, 2009 that OAO SOGAZ had violated Article 11 (part 1, paragraph 5) of the Competition Protection Act.

The violation consisted in that the company signed a cooperation agreement and an agency contract with AKB Bank of Moscow, the implementation of which in car loans-issuing process might result or resulted in inflicting disadvantageous terms and conditions upon the borrowing parties. These terms were also irrelevant to the loan and all had to do with the additional third party car insurance.

Sverdlovsk Region’s division of the Federal Antimonopoly Service declared OAO SOGAZ guilty of an administrative offense and made the insurer pay a 100,000-ruble fine.


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