Accountants fined the biggest fine by Competition Council

The Competition Council targets accountants, having fined CECCAR (The Association of Chartered Accountants and of Licensed Accountants) the biggest fine imposed on an association, 4.05 million RON (0.95 million euros), for fixing fees, after those imposed on the banking and private pensions market throughout the year.

“This is a big penalty. It is the biggest fine as percentage of revenues – 9.2% of CECCAR’s revenues in 2009 by the Competition Council and the biggest penalty imposed on an association. This has to do with the seriousness of the deed, which is similar to the setting up of a cartel, its long duration – nine years, and to the aggravating circumstances – continuing to breach the law after the start of the investigation and ignoring warnings from the Competition Council,” said Bogdan Chiritoiu, chairman of the Competition Council.

CECCAR officials could not be contacted by the time this issue was ready for print.