By Malvika Gurung
Investing.com -- Amid increasing scrutiny from regulators and government agencies of different countries, social media giant Facebook (NASDAQ: FB ) has been fined a whopping sum of 50.5 million pounds or $69.6 million by the Competition and Markets Authority (CMA), the British competition regulator.
According to a Reuters report, CMD charged Facebook for ‘breaching an order imposed during its investigation into the US social media giant's purchase of GIF platform Giphy’.
While Facebook showed strong disapproval of the British regulator’s allegation, the latter stated that the social media giant did not comply with its order on purpose and the penalty filed is to notify that no company was above the law.
CMA’s senior director of mergers, Joel Bamford added, “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.”
In its defense, Facebook stated that CMA’s fine charged on Facebook is unfair, as the US giant portrayed its best effort to comply with CMA’s orders, which the regulator itself had approved.
“We will review the CMA's decision and consider our options,” added Facebook.
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