Author: chili guest
[TechWeb] Sept. 24, Singapore's antitrust agency fined the two companies a total of S$13 million, according to foreign media reports, for allegedly weakening competition by merging Uber's business with Grab's Southeast Asia operations.
Uber and Grab were fined by the Competition and Consumer Commission of Singapore (CCCS) for a fine of S$13 million, which translated into a fine of US$9.5 million.
Of the $13 million fine imposed by Singapore's Competition and Consumer Commission, Uber was slightly more, with a fine of $6.58 million and a fine of $6.42 million for Grab.
Uber and Grab were fined by Singapore's Competition and Consumers Commission in connection with the merger of their Southeast Asian businesses, which Uber agreed in March to sell to its local rival Grab in exchange for a 27.5% stake.
A few days after the announcement of the merger, the Singapore Competition and Consumers Commission launched an investigation into the deal, fearing it might weaken competition.
The Singapore Competition and Consumers Commission did not ask the two companies to lift the merger, although it was found that the deal weakened competition and imposed a fine of S$13 million on the two companies.
Waonews is a news media from China, with hundreds of translations, rolling updates China News, hoping to get the likes of foreign netizens