The competition watchdog of the United Kingdom said, it has fined the company ‘Facebook’ more than 50.5 million pound for the failure of the company in supplying the information that has been linked to the company’s takeover of the animated graphics company known as ‘Giphy’.
The Competition and Markets Authority of the United Kingdom said, the fine totalling of 50.5 million pounds had been impose on Facebook for continuously refusing to report all the required information concerned with the acquisition of Giphy in 2020.
Joel Bamford, senior director of the mergers at Competition and Market Authority (CMA) said, they have warned Facebook, that the refusal has been made for the purpose of providing them with important information had been breach of the order but even after losing the appeal in two of the separate courts in the United Kingdom, the social media company has continued to disregard all the obligations.
Joel Bamford also said, this should also serving as a warning for any other company that has been thinking that it has been above the law, and the UK CMA said, it had been the first time a company had been identified to have the consciously breached such type of an order given the multiple warnings that the UK CMA gave to the company ‘Facebook’, and the competition watchdog has also been considering that, the failure of Facebook for complying has been deliberate.
Facebook said, it is strongly disagreeing with the unfair decision of UK CMA for punishing Facebook for the approach of best effort compliance, that the competition watchdog has itself approved it ultimately.