THE COURT COMPLIED WITH THE REQUEST OF THE COMPETITION COUNCIL TO SUSPEND THE PUBLICATION OF ADVERTISING

The Vilnius Regional Administrative Court complied with the request of the Competition Council to ban the advertising of investment services by Investment House, UAB pending passing of the final decision by the Competition Council. The measure required by the Competition Council was intended to alleviate any possible damage and irreparable consequences upon individuals and the public interests should the advertising statements concerned are recognised as misleading.

The Competition Council applied to court in response to the information provided by the Lithuanian Securities Commission and having examined the contents of the advertising of investment services published by Investment House, UAB whereby the advertising provider was offering high return investment generating good yields, started an investigation concerning the compliance of the advertising with the requirements of the Law on Advertising of the Republic of Lithuania. The Competition Council maintained that actions of Investment House, UAB whereby the company was offering high yield investment and fast returns by posting the advertising in press publications and the internet website www.parduoduversla.lt, might infringe the requirements of the Law on Advertising therefore it was necessary to refer to precautionary measures with a view to protecting the interests of consumers and the public.

This has been the first ever case where, having started an investigation on allegedly misleading advertising the Competition Council applied to court with a request to obtain a sanction for suspending the publication of the advertising.