On Wednesday, Turkey’s competition authority announced its decision to levy a daily fine of 4.8 million lira ($160,000) on Meta Platforms Inc., the parent company of Facebook, for its failure to provide adequate documentation in response to a prior investigation.
The Turkish Competition Board disclosed that the findings of a 2022 inquiry into the online video advertising market mandated Meta to furnish a document outlining compliance measures to halt its legal violations and restore market competition.
Expressing dissatisfaction, the authority stated that Meta’s submitted compliance measures lacked clarity.
Consequently, it was determined that a daily fine would be imposed, effective from December 12, until a satisfactory compliance solution is presented to the board.
A spokesperson for Meta responded to the decision, stating, “We disagree with the Turkish Competition Authority’s findings but will continue to constructively cooperate with the Turkish Competition Authority to resolve the matter without delay.”
This development follows the authority’s 2022 decision to fine Meta 346.72 million lira ($11.6 million) for contravening competition law.
(1 USD = 29.9660 Turkish liras)
Source: etimg.com
