The company itself reported the proposed sanction in its annual report filed with the US Securities and Exchange Commission (SEC), where the provision appears in case a payment is due.
The National Markets and Competition Commission has sent Booking a draft in which the accommodation search company must pay a fine of 486 million euros for abuse of a dominant position.
As shown in the report that the company itself wrote and presented to the SEC, the CNMC has been investigating Booking for anti-competitive practices since 2022.
It would be a record fine, and the company has already provided that amount, although it does not share the accusation, it explained in a statement.
“The company has recorded losses of $530 million in the 2023 results regarding a preliminary decision of the Spanish Competition Authority”, he assures in the first paragraphs of the information provided to the SEC on the occasion of the presentation of its results. From Booking they reject the sanction and assure they say they will appeal if they are finally fined. Since October 2022, the National Commission for Markets and Competition (CNMC) in Spain has been conducting an investigation into Booking.com’s practices.
The company assures that “although we have actively and constructively cooperated with the investigation, the CNMC is about to impose a fine of $530 million, the largest in its history.”
The company has assured this “disappointed” with the CNMC’s proposed resolution and “in total disagreement with its conclusions.”
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
