The American accommodation rental platform has shared the decision in the annual results presented last night
MADRID, 23 Feb. (EUROPA PRESS) –
The National Markets and Competition Commission (CNMC) has proposed a fine of 530 million dollars (486 million euros) for Booking. This was recognized by the vacation rental platform in the presentation of results that it sent in the early hours of this Thursday to the SEC, the regulator of the US markets. If this punishment is confirmed, it would be the largest fine imposed by the Spanish organization in its entire history.
“The company has recorded losses of $530 million in 2023 results related to a preliminary decision by the Spanish competition authority,” he says in the first paragraphs of the information provided to the SEC on the occasion of the presentation of Your results.
From Booking they reject the sanction and assure that they will appeal if they are finally fined. Since October 2022, the National Markets and Competition Commission (CNMC) in Spain has been carrying out an investigation into the practices of Booking.com.
The company assures that “although we have actively and constructively collaborated with the investigation, the CNMC is about to impose a fine of $530 million, the highest in its history.”
The company has assured Europa Press that it is “disappointed” with the CNMC’s Proposed Resolution and “totally disagrees with its conclusions.”
In addition, they remember that they will present “soon” the notification of the EU Digital Markets Law, which aims to guarantee “coherent rules for online platforms throughout the EU and avoid fragmentation at national level.”
“We believe that the DMA is the appropriate forum to debate and evaluate the main concerns raised by the CNMC because it allows solutions to be agreed that apply across Europe rather than country by country. We also intend to appeal this unprecedented decision in Spain if becomes definitive,” they confirm from the company.
The company attributes the losses recorded during the 2023 financial year, which amount to $530 million, to this “preliminary decision of the competition authority in Spain”, as stated in the documentation sent to the SEC.
That is, it would have provisioned the amount in case this historic sanction is finally carried out. Everything indicates that the sanction, which a priori will be challenged by the OTA, will become official next July.
