A San Diego-based company hit with a multi-million dollar fine by the Taiwan Fair Trade Commission (TFTC) following an investigation says it will be appealing the decision.
Qualcomm was fined $23.4 billion by TFTC--approximately $773 million in U.S. money--following an investigation that began in Feb. 2015.
The company is accused of abusing its monopoly over modem chips for 3G/4G phones, according to the San Diego Union-Tribune.
Wednesday, Qualcomm issued a statement saying it disagrees with the TFTC's decision about their business practices being in violation of Taiwan's competition law and would appeal it.
The statement, in part, read:
"Qualcomm disagrees with the decision summarized in the TFTC’s press release and intends to seek to stay any required behavioral measures and appeal the decision to the Taiwanese courts after receiving the TFTC’s 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."
