Facebook, Amazon and Cisco may face $10B in EU fines: Acronis CEO
Some major U.S. tech companies may face additional penalties following the record-breaking $5 billion fine European Union regulators levied upon Google last week, according to Acronis CEO Serguei Beloussov.
Amazon, Facebook, Cisco are among the dominant U.S. companies that should be cautious with their business practices in Europe, according to Beloussov.
“Those companies have to watch it when they coordinate between their sales people and their legal people on how they go about certain practices,” Beloussov said during an interview with FOX Business’ Stuart Varney on Monday.
The Acronis CEO said the new reality facing American companies doing business in Europe is that the laws overseas are designed for regulators to fine businesses for the sake of making money.
“If you don’t follow the rules, you give an opportunity to the European Union to fine you,” Beloussov said.
The record-breaking fine against Google for Android antitrust violations was the second fine the it received in more than a year. The EU imposed a $2.7 billion fine on Google in June 2017 for abuses related to the search engine’s shopping platform business.
Beloussov foresees the EU slapping U.S. tech companies with upwards of $10 billion in fines in a year’s time.
