Singapore competition watchdog fines Grab, Uber $9.5 million

SINGAPORE (Reuters) – Singapore’s competition watchdog fined ride-hailing firms Grab and Uber Technologies a total S$13 million ($9.5 million) and announced other measures to address competition concerns arising from the two companies’ merger in the city-state.

FILE PHOTO: A view of Uber and Grab offices in Singapore March 26, 2018. REUTERS/Edgar Su/File Photo

The Competition and Consumer Commission of Singapore (CCCS) has fined Uber [UBER.UL] S$6.6 million and Grab S$6.4 million, it said on Monday. It also told Grab to remove its exclusivity arrangements with drivers and taxi fleets.

Uber sold its Southeast Asian business, including in Singapore, to bigger regional rival Grab in March in exchange for a stake in the Singapore-based firm.

But the deal invited regulatory scrutiny in the region, with the CCCS, in a rare move, launching a probe, just days after the transaction was announced.

($1 = 1.3657 Singapore dollars)

Reporting by Aradhana Aravindan; Editing by Muralikumar Anantharaman

Our Standards:The Thomson Reuters Trust Principles.
source: reuters.com

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