Uk Fines Facebook 50 5 Mil Over Giphy Takeover Breach

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UK fines Facebook £50.5 mil over Giphy takeover breach
LONDON – Britain’s competition watchdog said today it has fined social network giant Facebook more than £50 million (RM286 million) for failing to supply information linked to its takeover of animated graphics start-up Giphy.
The Competition and Markets Authority said the fine totalling £50.5 million was imposed for “consciously refusing to report all the required information” concerning the purchase last year.
“We warned Facebook that its refusal to provide us with important information was a breach of the order but, even after losing its appeal in two separate courts, Facebook continued to disregard its legal obligations,” Joel Bamford, senior director of mergers at the CMA, said in a statement.
“This should serve as a warning to any company that thinks it is above the law.”
The CMA said it is first time a company has been found to have consciously breached such an order.
“Given the multiple warnings it gave Facebook, the CMA considers that Facebook’s failure to comply was deliberate.”
Separately, the CMA has fined Facebook £500,000 for changing its chief compliance officer on two separate occasions without first seeking consent.
The watchdog added that its investigation into Facebook’s takeover of Giphy remains ongoing.
Facebook announced in May last year its purchase of Giphy for a reported US$400 million. – AFP
UK fines Facebook £50.5 mil over Giphy takeover breach
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