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Meta Platforms Will Be Fined $160,000 Per Day By The Turkish Competition Board.

The competition commission of Turkey announced on Wednesday that it has chosen to punish Facebook parent company Meta Platforms Inc (META.O) 4.8 million lira ($160,000) per day for neglecting to submit adequate documents during an earlier probe.

The Turkish Competition Board issued a statement stating that Meta was ordered to submit a document outlining compliance steps to cease its legal violations and restore competition in the market as a result of an inquiry into the 2022 online video advertising market.

The authority decided to impose a daily punishment starting on December 12 and continuing until a definitive compliance solution is presented to the board, claiming that it did not find the explanations in Meta’s compliance measures that were provided to the board satisfactory.

The authority fined Meta Platforms 346.72 million lira, or $11.57 million, in 2022 for breaking competition laws.

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