(MENAFN) US mobile chip giant Qualcomm is to pay nearly USD1 billion to end a long-running antitrust prove in China, in the biggest fine ever charged by Beijing in such a sue, AFP reported.
Qualcomm will modify its business practices in the country and pay USD975 million fine as part of an agreement with China's National Development and Reform Commission (NDRC).
The NDRC said the fine was equivalent to 8 percent of Qualcomm's 2013 sales in China. The agreement will end the commission's probe into Qualcomm under China's anti-monopoly law.
"We are pleased that the investigation has concluded and believe that our licensing business is now well positioned to fully participate in China's rapidly accelerating adoption of our 3G/4G technology," Qualcomm president said.
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