Grab, Uber Slapped with $9.5 Million Fine in Singapore

The Competition and Consumer Commission of Singapore (CCCS) handed Grab and Uber this week a fine of $9.5 million for its merger deal and ordered Uber to sell cars from its Singaporean leasing business to another rival.

CCCS Chief Executive Toh Han Li said that mergers that substantially lessen competition are prohibited and the watchdog took action against Grab and Uber merger because the deal eliminated Grab’s closest rival.

Grab was also ordered to revert to its pre-merger driver commission rates and pricing algorithm which charged around 5 percent less.

Source: Reuters

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