CPC gives 1-week notice to CYTA
CPC gives 1-week notice to CYTA
17/2/2006 15:36
“If CYTA fails to pay the fine of £2.2 million imposed by CPC for an abuse of dominant position in the telecommunications sector by Wednesday, February 22, the Competition Protection Committee will proceed to the selling of the Authority’s movable assets pursuant to article 37”, CPC Chairman, Giorgos Christofides told StockWatch on Friday.

“The CPC sent a letter to CYTA on Wednesday, February 15 informing the Authority on its intentions. We said that they have one-week notice to pay the fine or else we will take the money otherwise”, Mr. Christofides stated.

Invited by StockWatch to comment on CPC’s letter, CYTA General Manager, Nicos Timotheou insisted that CYTA will pay the fine. “The Board of Directors will meet on Tuesday, February 21 to decide how will we pay the sum”, he said.

Mr. Timotheou said that CYTA has not taken back the fine of £20 million that had been imposed by CPC for an abuse of the dominant position. CYTA had appealed to the Supreme Court against the CPC decision and the Court decided in its favour. “I believe that CPC should cut the £2.2 million off the amount of £20 million that they owe us. However, we will appeal to the Supreme Court and we are optimistic that we will take the money back”, he concluded.

Related news

NEWSLETTER