INDIA

CCI Accuses Amazon of Concealing Facts in Deal for Future Group Unit

Amazon.com was concealing facts and making false submissions when it sought approval for a 2019 investment in a Future Group unit, a letter to the US e-commerce giant seen by Reuters showed.

The letter complicates Amazon’s bitter legal battle with Future Group over the Indian firm’s decision to sell its retail assets to Reliance Industries. This matter is now before India’s Supreme Court.

Amazon has argued that the 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 Ltd business to Reliance.

In the letter dated June 4, the Competition Commission of India (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 representations and conduct of Amazon before the Commission amounts to misrepresentation, making false statements 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.

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