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ARTICLE · 18 DECEMBER 2023

Unavoidance Of Responsibility By The Undertakings For The Information Submitted: FARMASI CASE

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In case an infringement occurs in terms of the TCA's information requests as stipulated in Article 14 of Law No. 4054, administrative monetary fines are imposed.

TurkeyAntitrust/Competition Law
Ugur Kaplan
Ugur Kaplan
Deniz Kivanç
Deniz Kivanç
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Within the scope of a noteworthy decision1 published by the Turkish Competition Authority (the "TCA") recently, the decision regarding imposition of an administrative monetary fine on Farmasi Enternasyonal Ticaret A.Ş. ("Farmasi"), a cosmetics company, due to the submission of misleading information including, inter alia, an incorrect data in the financial statements within the response letter submitted by the undertaking to the TCA has been evaluated.

With this decision published by the TCA, it is understood that in case the information and document requests addressed to the undertakings by the TCA are fulfilled by means of directly submitting documents prepared by a Certified Public Accountant ("CPA"), the responsibility for the accuracy of these documents shall still be upon the undertaking.

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