Facebook may be fined $1.8 million in Israel for ‘acquiring’ 2 companies without permission

Israel’s competition authority is considering imposing a fine on Facebook giant for buying two companies without approval from the agency.

Facebook may be fined $ 1.8 million in Israel for “acquiring” 2 companies without permission According to Reuters, Facebook is facing a fine of up to $ 1.8 million for its act of acquiring two Israeli companies, RedKix Inc in 2018 and Service Friend Ltd in 2019 but without approval and violating the law. clause in the Economic Competition Law of Israel. Authorities in the country argue that Facebook has a market share in Israel in excess of 50% and that the group must report transactions and obtain consent before any merger in the country. . The authorities also said that Facebook and Istagram are two exclusive social networks in Israel. Facebook will face a hearing soon and the company will have 60 days to appeal the charges before serving the fine. Talking about this, Facebook has denied allegations of antitrust behavior and said that Facebook is still cooperating with the investigations of the authorities. In addition, Facebook believes that there is no reporting obligation in relation to these transactions and hopes that the competent authorities will come to the right conclusions. Last year, Facebook was also fined by the US federal court up to $5 billion related to data privacy violations and forced Facebook to strengthen privacy protections, provide quarterly report on the implementation of the agreement and the establishment of an independent monitoring board. In Canada, Facebook was also fined $6.5 million by the Competition Bureau for sharing user information with other companies.