Turkish competition board to fine Meta Platforms $160,000 per day

ISTANBUL (Reuters) – Turkey’s competition authority said on Wednesday that it had decided to fine Facebook parent Meta Platforms Inc 4.8 million lira ($160,000) a day for failing to provide sufficient documentation as part of a previous investigation.

In a statement, the Turkish Competition Board said the result of a 2022 online video advertising market investigation required Meta to submit a document detailing compliance measures to stop its violation of the law and to reestablish competition in the market.

The authority said it did not find explanations in Meta’s compliance measures submitted to the board sufficient and decided to impose a daily fine effective from Dec. 12 until a final compliance solution is submitted to the board.

In 2022, the authority decided to fine Meta Platforms 346.72 million lira ($11.57 million) for violation of competition law.

($1 = 29.9660 liras)

(Reporting by Ezgi Erkoyun; editing by Daren Butler and Jason Neely)