Turkish Competition Authority launches probe into 26 companies

ANKARA

The Turkish Competition Authority has announced the initiation of an investigation into 26 companies operating in the banking, participation banking, insurance and information technology sectors for suspected labor market violations.

In a statement, the Authority said the companies are alleged to have engaged in “no-poaching” agreements and/or exchanged competitively sensitive information related to the labor market.

Following a preliminary inquiry, the Competition Board concluded that the evidence gathered raised serious and sufficient concerns that competition may have been restricted.

The investigation will determine whether the companies violated the Law on the Protection of Competition.

The investigation decisions taken by the Board do not mean that the companies under investigation have violated the relevant law or that they are currently facing, or will face, sanctions.

Among the companies named in the probe are Akbank, Albaraka Türk, Denizbank, HSBC, ING Bank, Kuveyt Türk Participation Bank, Odea Bank, Şekerbank, TEB, Garanti Bank, İş Bankası, Yapı ve Kredi Bankası and QNB Bank, as well as insurance firms Agesa Hayat ve Emeklilik, Aksigorta, Bupa Acıbadem Sigorta, Katılım Emeklilik ve Hayat.

Among the information technology companies under investigation are Paycore Payment Services, Softtech Software Technologies and Verisoft.