Apple fined $670,000 in Taiwan for fair trade violation

Taiwanese authorities yesterday slapped a fine of 20 million Taiwanese dollar ($667,000) on U.S. tech giant Apple for violating a fair trade law over local iPhone pricing.

Apple was accused of interfering with the pricing and mobile phone payment rates at three local telecom service providers, despite selling them the distribution rights to the phones, according to the Economic Times.

Apple could face an additional 50 million Taiwanese dollar fine if it fails to comply. The company will have a chance to appeal the ruling.

Read more from the Economic Times.