Lithuania’s Competition Council fined local units of security company G4S Plc (GFS) and lenders SEB AB (SEBA), Swedbank AB (SWEDA), and DNB ASA (DNB) for actions that it said prevented competition for cash management and transportation services.
Of fines totaling 57 million litai ($22 million), UAB G4S Lietuva must pay 9.4 million litai, AB SEB Bankas must pay 24.8 million litai, Swedbank AB must pay 14.2 million litai and AB DNB Bankas must pay 8.6 million litai, the Council in the capital Vilnius decided today, according to its website.
Lithuania’s three largest banks had agreements with GS4 that unjustly shut out competing providers of cash-related security services, with potentially higher costs being passed on to customers, the Council said. It said the companies have already canceled the offending agreements.
All three lenders consider the decision to fine them unjustified and are considering legal appeals, BNS newswire reported, citing spokesmen for the banks.
To contact the reporter on this story: Bryan Bradley in Vilnius at email@example.com
To contact the editor responsible for this story: Balazs Penz at firstname.lastname@example.org