Taiwan has fined Qualcomm Inc. $773 million, alleging that the San Diego corporation took part in anti-competitive practices.
Qualcomm (Nasdaq: QCOM) announced the decision on Oct. 11, saying it disagreed with the findings. The company said it will seek a stay, as well as appeal the decision.
The Taiwan Fair Trade Commission said Qualcomm violated Taiwanese competition law. Bloomberg reported that the fine was a record high for the commission: $23.4 billion Taiwan dollars, which under current exchange rates is $773 million.
“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,” the company said in a statement.
Regulators around the world have been investigating Qualcomm for alleged anticompetitive activities. Qualcomm is also engaged in a bitter legal fight with Apple Inc.