China Slaps Record Fine on US Chipmaker Qualcomm

  10 February 2015    Read: 1119
China Slaps Record Fine on US Chipmaker Qualcomm
China has imposed an unprecedented fine of 6 billion yuan ($994 million US) on the American mobile chip maker Qualcomm for violating anti-trust laws.
China`s National Development and Reform Commission, or NDRC, has slapped a record fine of 6 billion yuan, (994 million dollars) on mobile chip maker Qualcomm after an anti-trust probe, Chinese media outlets reported on Tuesday.

"Qualcomm`s practices hampered innovation and technology development, harmed consumers` rights and interests, and violated China`s relevant anti-monopoly rules," an NDRC statement said.

Qualcomm has, meanwhile, pledged to adhere to the fine and deal with the modification of its licensing practices, according to the sources.

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