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Kakao Mobility hit with $10.5M antitrust fine for limiting rivals’ access
South Korea’s antitrust watchdog has fined Kakao Mobility, the ride-hailing unit of Korean tech firm Kakao, $10.5 million (KRW 15.1 billion) for limiting
South Korea’s antitrust watchdog has fined Kakao Mobility, the ride-hailing unit of Korean tech firm Kakao, $10.5 million (KRW 15.1 billion) for limiting competitors’ access to its taxi app — lowering the penalty from an initial fine of $50.3 million(KRW 72.4 billion) as the earlier sanction was based on an overestimated calculation of the company’s operating profits. “Kakao Mobility is fully committed to supporting the government’s initiatives to promote fair competition within the platform industry while concurrently pursuing administrative litigation to unequivocally demonstrate that no legal violations occurred,” the statement added. In other recent news, Kakao’s chairman and founder, Brian Kim, was granted bail in October after 100 days of arrest for alleged involvement in stock manipulation.
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