Facebook: The UK Competition and Market Authority (CMA) has fined social networking platform Facebook of 50 million euros

Facebook: The UK Competition and Market Authority (CMA) has fined social networking platform Facebook of 50 million euros

October 20, 2021 0 By Joe Hodgson

Facebook has been fined 50.5 million euros for deliberately refusing to provide information related to last year’s purchase, the MCA said.

We had warned Facebook. Refusing to provide important information is a violation of the order, we had said. But even after the two courts rejected the appeal, Facebook continued to violate its legal obligations, according to a statement issued by Joel Bamford, senior director of mergers at CMM.

This is a warning to companies that consider themselves above the law. This is the first time any order has been found to have been deliberately violated in this way, he said in a statement. In addition, CMA has imposed a separate fine of 5 lakh Euros on Facebook. Joel Bamford, senior director of mergers at CMM, said the fine was imposed in a case where the chief vigilance officer was twice replaced without approval.

Facebook announced the acquisition of Giphy in May 2020. The deal was worth 400 million.