Google And Facebook Parent Fined Millions Of Dollars By South Korea Over Privacy Law Violations

South Korea has imposed fines to the tune of millions of dollars on Alphabet Inc’s GOOGL GOOG Google and Meta Platforms Inc META following accusations of privacy law violations, reported Reuters, citing authorities.

The Personal Information Protection Commission said it fined Google 69.2 billion won ($50 million) and Meta 30.8 billion won ($22 million), according to the report.

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The privacy panel said the companies did not clearly inform service users and obtain prior consent when collecting and analyzing behavioral information to infer their interests or use them for customized advertisements, the report added.

A Google spokesperson told Benzinga in a written statement that the company disagrees with the PIPC’s findings and would review the full written decision.

"We’ve always demonstrated our commitment to making ongoing updates that give users control and transparency, while providing the most helpful products possible," the spokesperson said. "We remain committed to engaging with the PIPC to protect the privacy of South Korean users."

A Meta spokesperson was quoted by Reuters as saying that while the company respects the commission's decision, it works with clients "in a legally compliant way...we do not agree with the commission's decision, and will be open to all options including seeking a ruling from the court."

In September 2021, South Korea fined Google $177 million for hampering the development of rivals to its Android operating system, according to a Bloomberg report.

Price Action: Alphabet Inc Class A shares had closed 5.9% down, while Meta shares closed down 9.37% on Tuesday.

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