The tech giant Apple seems to be in problem as it has been caught by the French antitrust authorities, who ordered the company on Monday to pay around 1.1 billion euro, which cost around 1.23 billion USD as fine for anti-competitive behavior. The French competition authority was seen saying that the iPhone maker was seen in guilt creating certain cartels within the distribution network along with abusing the economic dependence of its outside resellers. Two of the Apple wholesalers were seen getting fined for agreeing over the cost factor Tech Data along with the Ingram Micro by getting the fine of 76.1 million Euros along with 62.9 million euros respectively.
Both the companies were seen not getting instantly available for the comment when they contacted the media. The French authority was seen paying a huge penalty that totaled the amount of 1.24 billion euros that remained the largest ever handed down over a single case. Apple along with its two wholesalers were seen agreeing to compare and then prevent distributors from competing with each other, hence sterilizing the wholesale market for Apple products claimed Isabelle De Silva who happens to be president of the French Competition Authority. While talking about the same the company spokesperson from Apple was seen applying.
While commenting on the same the company said that the decision seems to be disheartening. While the decision seems to be linked to the practices from over a decade ago and thus discard the same to around 30 years of legal precedent, which all companies in France was seen relying over it for the order, which offer chaos for companies seen all over the industries. He further said he would strongly like to disagree with them and then plan to appeal.
In the recent announcement seen on Monday, it happens to be the second fine, which the French authorities seem to impose over Apple within the two months. The regulators were seen hitting the company with a 25 million euro fine in the previous months of Feb about the software updates coming in its way that was seen getting concluded to have reduced to the older version of iPhone devices. Apple was seen sharing down more than 13 percent on the premarket on Monday amidst the broad based move that seemed lower in the stock markets.