Google might just be on the verge of setting a new record. However this is is not the kind of record any company would want to set. Definitely not. According to reports, the EU antitrust regulators are on the verge of setting a record fine of the software firm. The fine would come in response to one of the three cases against the firm.
The case has gone on for 7 years and came to the fore in response to complaints from Google’s US and European rivals.The company has been charged with distorting internet search results to favor its shopping service, harming both rivals and consumers.
However, Google continues to deny the allegations to this day.
We continue to engage constructively with the European Commission and we believe strongly that our innovations in online shopping have been good for shoppers, retailers and competition.
As for the proportion of the fine, well, companies that are proved guilty of infringing EU antitrust rules can be fined as much as 10 percent of their global turnover.
In this case, it would be just shy of $1 Billion, since Google’s turnover last year as around $9 Billion. However, the fine is not expected to reach such epic proportions. Although you never know with the EU. Intel for instance, was awarded a 1.06 billion euro fine in 2009.
Google would also be given a list of measures it must comply with in order to ensure fair competition for its rivals, if it wants to continue operating in Europe. We will know more today, as the case goes before the block for perhaps the final time.
A bibliophile and a business enthusiast.