CCI accuses Amazon of concealing facts in deal for Future Group unit
    Date :23-Jul-2021

CCI accuses Amazon_1 
 
 
MUMBAI :
 
THE Competition Commission of India (CCI) has accused Amazon.com Inc of concealing facts and making false submissions when it sought approval for a 2019 investment in a Future Group unit, a global news wire reported. The report said the letter complicates Amazon’s bitter legal battle with Future Group over the Indian’s firm’s decision to sell its retail assets to Reliance Industries - a matter that is now before India’s Supreme Court. Amazon has argued that terms agreed upon in its 2019 deal to pay $192 million for a 49 per cent stake in Future’s gift voucher unit prevent its parent, Future Group, from selling its Future Retail business to Reliance.
 
In the letter dated June 4, the CCI said Amazon hid factual aspects of the transaction by not revealing its strategic interest in Future Retail when it sought approval for the 2019 deal, the global news wire said. “The representations and conduct of Amazon before the Commission amounts to misrepresentation, making false statement and suppression or/and concealment of material facts,” the letter said. It also noted that its review of the submissions made had been prompted by a complaint from Future Group.