Qualcomm may face huge fines

The National Development and Reform Commission is likely to complete its 14-month antitrust violation investigation into Qualcomm Inc, the world's biggest chipmaker and release its findings soon.

Qualcomm is likely to be hit with fines that would be several times over the total for all antitrust investigations last year, Xu Kunlin, head of the National Development and Reform Commission's bureau of price supervision and anti-monopoly and the department of price, was quoted as saying in an article posted on the website of the Securities Times on Monday.

Sources said the fines on Qualcomm could be as high as 10 billion yuan ($1.6 billion), according to the report.

"It's a groundless number," a source familiar with the investigation told China Daily, without giving a specific number.

He said the investigation is expected to end soon and much progress has been achieved in the discussions between the chipmaker and the regulator.

The Anti-Monopoly Law allows the government to fine companies up to 10 percent of their annual revenue for monopoly practices.