The agency stated that the British competition regulator has imposed a fine of 50.5 million pounds (approximately 5.2 billion rupees) on Facebook for violating an investigation carried out during the investigation of the US social media giant’s acquisition of the GIF platform Giphy. Order.
The Competition and Markets Administration (CMA) stated that Facebook deliberately failed to comply with its orders, and the penalty is a warning that no company can be above the law.
Facebook is increasingly being criticized by regulators and legislators for its business practices.
It strongly disagrees with the CMA.
The regulator stated that Facebook failed to provide a complete update on its compliance requirements to continue to compete with Giphy and did not integrate its business with Giphy during the investigation.
The CMA stated that, despite repeated warnings, Facebook still failed to provide the required information and believed that its failure to comply was deliberate.
“We warned Facebook that refusing to provide us with important information violated the order, but even after the two different courts failed to appeal, Facebook continued to ignore its legal obligations,” said Joel Bamford, senior director of mergers. Express. CMA.
“This should be a warning to any company that believes it is above the law.”
On Tuesday, after Facebook agreed to pay up to 14.25 million U.S. dollars (about 1.05 billion rupees) to settle a civil lawsuit for compliance with recruitment rules, Bamford’s words echoed those of US labor lawyer Seema Nanda.
A media report on Wednesday said that Facebook is planning to rebrand, a change that may allow the parent company to oversee its brand.
In response to the CMA fine, Facebook said: “We strongly disagree with the CMA’s unfair decision to punish Facebook by doing its best to comply with regulations, and the CMA finally approved this decision.
“We will review the CMA’s decision and consider our options.”
© Thomson Reuters 2021