Uber left the market in March and sold its operations in exchange for a 27.5 percent stake in Grab. The Competitive and Consumer Commission of Singapore said it may levy fines against the companies and reconsider the deal because it has reduced competition and raised fares.
The commission said in a statement it “may require the parties to unwind the transaction unless the aforesaid public consultation confirms that any of the proposed remedies, or any further remedies, are sufficient to address the identified competition concerns, and are implementable in practice,” according to Fortune. The companies have 15 days to suggest solutions.
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