Qualcomm lumbered with record breaking $975m China fine
US chip manufacturer Qualcomm has been lumbered with the single largest fine ever to be imposed in China, the princely sum of $975m for abuse of its market dominance to levy excessive fees for its smartphone technology.
A 14 month investigation by China's National Development and Reform Commission has ended with Qualcomm being forced to pay the fee and lower the royalty rates it charges smartphone makers for its patents in the country.
Derek Aberle, president of Qualcomm, said his firm would not contest the findings, adding: "We are pleased that the investigation has concluded and believe that our licensing business is now well positioned to fully participate in China's rapidly accelerating adoption of our 3G/4G technology.”
Qualcomm is facing a similar probe into its business practices in Europe and the US