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Image result for Uber and Grab have been hit with combined fines of $9.5 million after their merger deal was found to have violated Singaporeâs anti-competition laws. Grab acquired (and then merged/closed) Uberâs Southeast Asia business in March, but the Competition Commission of Singapore today declared the deal is âanti-competitiveâ following a months-long investigation into its impact on Singapore. Read also: Ex-Google CEO Schmidt predicts internet will split in 2 by 2028 The CCCS levied an SG$6,582,055 (US$4.8 million) fine on Uber and an SG$6,419,647 (US$4.7 million) fine on Grab, but it wonât unwind the deal, which had been an option. The fines relate only to the businesses in Singapore, which is just one of eight markets where Uber and Grab competed. Grab has raised $6 billion from investors so it shouldnât have an issue paying that back. Chiefly, the CCCS found that Grab had raised prices by 10-15 percent following the deal, whilst its market share grew to 80 percent. Thatâs despite Grab co-founder Hooi Ling Tan claiming that there is still plenty of competition across Southeast Asia. âAt the conclusion of its investigation, CCCS has found that the Transaction is anti-competitive, having been carried into effect, and has infringed section 54 of the Competition Act by substantially lessening competition in the ride-hailing platform market in Singapore,â the agency wrote.

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Uber in $9.5m fine for breaking competition rules

September 24, 2018September 24, 2018 Sammeposh Admin 0 Comments fined, grab, uber

Uber in $9.5m fine for breaking competition rules Uber and Grab have been hit with combined fines of $9.5

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