The Competition Authority decided yesterday to fine the telecom Síminn by more than ISK 400 million (USD 3.2 million, EUR 2.4 million) for abusing its market-dominating position through predatory pricing and violating the laws on market competition in the EEA agreement.
Archive photo by Páll Stefánsson.
A statement from the Competition Authority explains that pricing pressure is primarily exerted by companies that hold a monopoly and dominate the market control of the margins between the wholesale and retail levels to, among other purposes, make it more difficult for new competitors to establish themselves in the retail market.
In such instances the company in question dominates the wholesale level and also works in related retail markets, the statement continues, as reported on visir.is.
Síminn has announced its decision to appeal the verdict.