Russia's Megafon Fined by Federal Regulator

Russia's Megafon has paid a fine of over 55 million rubles (US$2.3 million) to the federal government for violating antimonopoly legislation, a statement from the Federal Antimonopoly Service (FAS) reads.

The FAS said that in October 2006, Megafon had violated Article 6 of the Law "On Competition and Restricting Monopolistic Activity on the Goods Markets". In accordance with the issued determinations, Megafon should have undertaken actions to terminate violations of the antimonopoly legislation as well as should have transferred the illegal income, obtained by violating the law, to the federal budget.

Megafon appealed to the Arbitration Court against the decision, although the appeal was overturned.

Earlier, Megafon was fined 400,000 Rubles for failure to execute a determination issued by the antimonopoly authority.

Posted to the site on 3rd January 2008