Qualcomm disagrees with decision by Taiwan Fair Trade Commission and intends to seek a stay and appeal the decision
Oct 12, 2017
OCT 11, 2017 | SAN DIEGO
Qualcomm (Nasdaq: QCOM) today announced that the Taiwan Fair Trade Commission (TFTC) has reached a decision in the TFTC's investigation, stating in a press release that certain of the Company's business practices are in violation of Taiwanese competition law and imposing a fine of approximately $23.4 billion Taiwan dollars (approximately $773 million US dollars at current exchange rates). Qualcomm disagrees with the decision summarized in the TFTCâs press release and intends to seek to stay any required behavioral measures and appeal the decision to the Taiwanese courts after receiving the TFTCâs formal decision, which is expected in the next several weeks. The fine bears no rational relationship to the amount of Qualcomm's revenues or activities in Taiwan, and Qualcomm will appeal the amount of the fine and the method used to calculate it.