Apple Seeks To Prevent India’s Antitrust Regulator From Accessing Global Financial Records As It Fears A $38 Billion Fine: Report
Synopsis
Apple stated that being forced to comply with the Competition Commission of India’s demands for its financial records would defeat the company’s primary challenge against the penalty rules.
Apple Inc. (AAPL) has reportedly asked an Indian court to prevent the country’s antitrust regulator from obtaining the iPhone maker’s global financial records.
According to a Reuters report, Apple stated that being forced to comply with the Competition Commission of India’s (CCI) demands for its financial records would defeat the company’s primary challenge against the penalty rules.
The company fears that it could be fined up to $38 billion if the CCI uses Apple’s global turnover to calculate the antitrust penalties.
Apple shares were up more than 1% in Thursday’s pre-market trade. Retail sentiment on Stocktwits around the company was in the ‘neutral’ territory.
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