News Formal

Wesbank denies CompCom collusion and market division allegations

  • 📰 Moneyweb
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 77%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

The commission launched its investigation the day it received a complaint from a customer in January 2021. Moneyweb Wesbank CompCom Toyota

WesBank, the vehicle and asset finance division of JSE-listed FirstRand, believes its joint venture with Toyota Financial Services is “quite legitimate”. This follows the Competition Commission reporting on Thursday that it has referred motor vehicle finance institutions FirstRand Bank, Wesbank, and TFS to the Competition Tribunal for prosecution on allegations of dividing the market by allocating customers or suppliers.

” The commission added that FirstRand, TSA Investment Holdings Limited and Toyota Motor Finance Plc each have a 33.3% shareholding in TFS. Clauses “They concluded a shareholder agreement which includes clauses that prohibit WesBank from offering vehicle finance to customers seeking to purchase vehicles at authorised Toyota dealerships.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

WesBank and Toyota Finance charged for collusionAn investigation by the commission revealed that WesBank and Toyota divided markets by allocating customers or suppliers.
Source: eNCA - 🏆 49. / 51 Read more »

WesBank and Toyota Finance accused of collusionAn investigation by the commission revealed that WesBank and Toyota divided markets by allocating customers or suppliers.
Source: eNCA - 🏆 49. / 51 Read more »