Meta Platforms Fined $160,000 a Day For Inadequate Documentation

(CTN News) – As a result of the investigation into Meta Platforms Inc., the parent company of Facebook, Turkey’s competition authority has reprimanded the company for its anti-competitive behavior by fining it 4.8 million liras ($160,000) per day.

In the earlier investigation, Meta failed to provide adequate documentation as part of the investigation, as a result of which the penalties were imposed as a result of Meta’s failure to provide adequate documentation.

According to the Turkish Competition Board, the outcome of a 2022 investigation into the online video advertising market required Meta to submit a document outlining measures to ensure compliance with the law and to halt its violation of the law, thus restoring the market’s competitive atmosphere.

As a result of the authority’s displeasure with compliance measures, which were presented to the board on December 11, and with respect to the adequacy of those measures, the authority decided to impose a daily fine, effective December 12, to encourage to improve its compliance measures.

The Board is expected to continue to impose a financial penalty on until the company submits a final solution for compliance in order to keep the financial penalty in place.

In 2022, the Turkish competition authority finned Meta Platforms 346.72 million liras ($11.57 million) for violating Turkish competition law and Platforms paid the fine, which is also noteworthy because it is the first time since the ban on foreign competitors that Meta Platforms has been fined.

SEE ALSO:

OpenAI Investment From Microsoft Could Get Probed By EU Regulators