UK competition watchdog fines Facebook nearly $70 mn for breaching enforcement order

London, Oct 20 (FN Bureau) The UK competition watchdog on Wednesday imposed a 50.5 million pounds ($69.5 million) fine on Facebook for failing to provide enough important information to the competition regulator investigating the social media network´s takeover of GIF sharing platform Giphy. After launching an investigation into the acquisition in June, 2020, the Competition and Markets Authority (CMA) had asked Facebook to keep the two businesses separate until the probe was concluded and to provide the regulator with updates outlining its compliance with the initial enforcement order.

“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,” CMA Senior Director of Merger, Joel Bamford, said in a statement. According to the watchdog, this is the first time a company has been found by the CMA to have breached an enforcement order by consciously refusing to report all the required information.