TechnologyFacebook faces Israel fine for buying companies without consent
Reuters
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A 3D-printed Facebook logo is seen placed on a keyboard in this illustration taken March 25, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
Israel s Competition Authority said on Tuesday it was considering imposing a fine of about 6 million shekels ($1.8 million) on Facebook (FB.O)and its Israeli unit for buying two Israeli companies without the agency s consent.
It said the fine is subject to a hearing and Facebook has the right to submit its arguments to the authority s director general Michal Halperin within 60 days.
The authority said it sent a hearing letter to Facebook after it found the social media giant purchased two Israeli companies RedKix Inc in 2018 and Service Friend Ltd in 2019 without approval and contrary to Israel s Economic Competition Law.
Shoshanna Solomon is The Times of Israel s Startups and Business reporter
Facebook CEO Mark Zuckerberg testifies before a House Financial Services Committee hearing on Capitol Hill in Washington, October 23, 2019. (AP Photo/Andrew Harnik)
Israel’s Competition Authority said on Tuesday it is mulling imposing a fine of some NIS 6 million ($1.8 million) on US social media giant Facebook and its Israeli arm for snapping up two Israeli companies without the consent of the authority.
The fine is subject to a hearing and Facebook has the right to submit its comments to the authority’s director general Michal Halperin within 60 days, the authority said in a statement.