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Developer 8990 Holdings fined $500,000 in Philippines' first dominance-abuse case

( October 2, 2019, 02:20 GMT | Official Statement) -- MLex Summary: Philippine-listed property developer 8990 Holdings and its condominium subsidiary, Urban Deca Homes Manila, have been fined 27.11 million pesos ($523,000) for imposing an exclusive Internet-service provider on its tenants in the country's first abuse of dominance case. Although the case started from complaints of residents in Urban Deca Manila in Tondo, the terms of the settlement agreement between 8990 Holdings and the Philippine Competition Commission apply to eight other Urban Deca projects across the country. In its statement, the commission said the company will be monitored regularly for compliance and subjected to further fines and penalties for any breach.The commission's full statement follows: ...

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