Pakistan, Jan. 22 -- The Competition Appellate Tribunal on Wednesday dismissed ten long-pending appeals filed by several banks and the Pakistan Banks Association, upholding the Competition Commission of Pakistan's order imposing collective penalties of approximately PKR 205 million for cartel-like conduct.

The appeals challenged the CCP's April 2008 order as well CCP's Appellate Bench's Order dated 10-06-2009, which found the PBA and seven major banks guilty of collusive practices in introducing an Enhanced Savings Account (ESA). The Commission had concluded that the coordinated move distorted competition and created unfair conditions for small bank depositors, in violation of Section 4 of the Competition Ordinance, 2007.

The CCP had im...