The Turkish Competition Authority’s Decision on the Unlawful Interest Applied by The Banks
The Turkish Competition Authority decided that the 12 banks operating within Turkey breached the Article 4 of the Law on the Protection of Competition numbered 4054 ( “Law”) with its decision numbered 13-13/198-100 and dated 08.03.2013 and as a result the administrative fines set out within the decision shall be paid pursuant to this decision. The aforementioned decision was upheld upon the review by the 13th Chamber of the Council of State and the upholding decision was also finalized. Therefore, cause of action has arisen for real and legal persons that have received a loan, obtained depository or credit card services