AdC confirms dawn raids in insurance companies
The Portuguese Competition Authority (Autoridade da Concorrência – AdC) confirms that it carried out dawn raids in the last few days at 5 premises of 4 companies located in Lisbon, in the context of one new antitrust proceeding, under the powers provided by the Competition Act.
The dawn raids were carried out under the suspicion of anticompetitive practices relating to cartels in the insurance sector which substantiate the suspicions of infringement to the Competition Act.
Unannounced inspections are a means to obtain evidence of anticompetitive practices. However, the fact that they are carried out does not entail that the involved undertakings will be sanctioned, nor does it imply a judgment on whether the undertakings are guilty of an unlawful conduct in the market.
The inspections were carried out by the AdC in cooperation with the Department of Criminal Investigation and Prosecution.
The AdC ordered the infringement proceeding to be subject to secrecy taking into account that the interest behind the investigation would not be duly safeguarded should the proceeding be made public.
The infringement of competition rules not only reduces consumer welfare, but also weakens the companies’ competitiveness, undermining the economy as a whole.
8 July 2017