Singapore Wants Fines for Grab, Uber for Harming Competition

The Competition and Consumer Commission of Singapore (CCCS) revealed this week that it wants to fine Grab and Uber, saying that the merger of the two ride-hailing firms resulted in reduced competition.

The CCCS proposed several remedies, such as the sale of their car-leasing business. However, the reversal of the merger, should both companies not be able to fulfill the remedies, may no longer be an option as Uber had already exited the market.

The commission said last Thursday that Uber and Grab need to be penalized since they carried out the deal despite knowing the anticipated potential competition concerns. This is the first instance that CCCS will be imposing fines on a merger.

Source: Reuters