Uber Was Stripped of its London License
Uber shares are down nearly 5% on US OTC trading after the company's shared-travel app was stripped of its London license, BNR reported.
Uber, the US-based taxi sharing company, will challenge the BGN 100 000 fine imposed by Bulgaria’s Commission for Protection of Competition at the Supreme Administrative Court (VAS).
Uber was fined BGN 100 000 over creating unfair competition of regular taxi drivers in Sofia.
The claim against the US-based online taxi service provider was filed by one of the largest taxi companies in Sofia and was backed by a tip-off of the Sofia Municipality, according to reports of the Bulgarian National Radio.
Uber insists that it is not a taxi company and that it only acts as an intermediary between passengers and drivers via an online application.
The company says that the decision of Bulgaria’s anti-trust watchdog wrongfully describes it as a taxi company, which it is not.
The company says that it will appeal the fine at VAS, adding that it believes in the impartiality of the Bulgarian judiciary.
Uber predicts that the decision of the anti-trust watchdog will be revoked by VAS.
80% of the gross fare goes to the driver and the remainder goes to Uber, the price per kilometer being much lower than that of regular taxis.
The company refuses to reveal the number of cars that are working for it in Sofia on the grounds of commercial confidentiality.
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