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Israel is preparing to impose heavy fines on US social media “Facebook”

Israel is preparing to impose heavy fines on US social media "Facebook"

△Facebook brand logo Image source: Reuters

May 11th 2021, Israel’s competition authority said it was preparing to fine NIS 6m (RMB12m) for buying two Israeli companies without the approval of the Israeli Competition Authority. The Israeli Competition Authority said the fine was pending and Facebook had the right to submit its evidence to Michal Halperin, head of Israel’s competition authority, within 60 days.

Facebook reportedly acquired Israel’s RedKix Inc in 2018 and Israel’s Service Friend Ltd. in 2019. Under Israel’s Economic Competition Act, if the funding company has a market share of more than 50 per cent in Israel, it must be approved by the Israeli Competition Authority before the company can merge.

However, Facebook denied any wrongdoing and said in a statement that it was cooperating fully with the Israeli Competition Authority in its investigation.

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