Turkey Imposes $160,000 Daily Fine On Facebook Parent Company, Meta

Turkey’s competition authority has fined Facebook-parent company Meta Platforms Inc (META.O) the sum of 4.8 million lira ($160,000) a day for failing to provide sufficient documentation as part of a previous investigation.


According to Reuters, the Competition Board made this known in a statement on Wednesday, noting that the result of a 2022 online video advertising market investigation required Meta to submit a document detailing compliance measures to stop its violation of the law and to reestablish competition in the market.


According to the statement, the authority said it did not find explanations in Meta’s compliance measures submitted to the board sufficient and decided to impose a daily fine effective from December 12 until a final compliance solution is submitted to the board.


Turkey’s competition authority had in 2022 fined Facebook parent Meta Platforms Inc 346.72 million lira ($18.63 million) for breaking competition law, it said on Wednesday.


The company held a dominant position in personal social networking services and online video advertising and had obstructed competitors by merging data collected through its core services – Facebook, Instagram and WhatsApp, the Turkish authority said in a statement.

Source link