The Hungarian competition authority (Gazdasági Versenyhivatal or GVH) has slapped Facebook Inc. with a whopping $4m (£3m) fine for stating its services are free for users.
Involving an extensive network of bankers, tax lawyers and traders (dubbed by Danish Broadcasting Corporation the men who plundered Europe) the CumEx scandal refers to a tax fraud scheme that was purportedly operated across a large number of European countries. It may have netted its operatives upwards of €60 billion.
Facebook agreed a record $5 billion settlement with the Federal Trade Commission that also imposed new obligations over how the tech giant handles personal data. However, the agreement also granted Facebook immunity and did not hold any of its officers personally liable.
The risks and sanctions for company directors who breach competition law have never been greater. This is now the case after the Competition and Markets Authority (CMA) released new guidance promising to ramp up its use of a statutory power to investigate and disqualify directors.
Following a six-year criminal investigation into fraud and false accounting, one of The Big Four, Deloitte, has been given a £4.2m fine by the accounting watchdog FRC for their misconduct of audits of outsourcing giant Serco’s Geografix (SGL) division.