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mBank SAConotoxia prepares lawsuit against mBank; wants PLN 1 bln compensation
Polish payment service provider Conotoxia will soon take legal action against listed lender mBank demanding damages of at least PLN 1 billion (EUR 231.9 mln), Conotoxia said in a press release. On October 2, Poland's financial market regulator KNF unanimously issued a decision withdrawing the authorisation for Conotoxia sp. z o.o. to provide payment services as a national payment institution.
As stated, the lawsuit will be based on unlawful obstruction of market access, including, most recently, the refusal to provide a bank guarantee, despite the fact that the company had full coverage for it in its own funds.
"mBank, being aware that obtaining a guarantee is one of the post-audit recommendations of Poland's financial market regulator KNF, refused to provide it, citing Conotoxia's alleged competitiveness as a national payment institution. The decision of mBank constitutes a blatant violation of the principles of fair competition and the principles of equal treatment of companies," Conotoxia wrote.
"The bank has imposed an unofficial, total ban on financing entities from the Cinkciarz. pl group, which clearly harms the interests of these companies, but above all - harms the welfare of customers. Therefore, the company will also expect support from Poland's antitrust and consumer protection regulator UOKiK and other state authorities," it added.
Moreover, Conotoxia has appealed to other national payment institutions that may have been similarly treated by mBank to join the legal action.
Last Wednesday, on October 2, Poland's financial market regulator KNF unanimously issued a decision revoking Conotoxia's authorisation to provide payment services as a national payment institution.
Key to the ruling was the company's failure to comply with statutory obligations related to the protection of funds accepted from payment service users for the execution of payment transactions.
mcb/ nl/ ao/
