Jack Ma’s Alibaba gets fined $2.8 billion by Chinese regulator for violating anti-monopoly rules

Apr 10, 2021 By: Vaamanaa Sethi Credit: BCCL

Chinese Regulator ordered a fine of $2.8 billion on e-commerce giant Alibaba Group Holdings.

Credit: Alibaba Group

This is reportedly the highest ever antitrust fine to be imposed in China.

The fine has been imposed on the company for violating anti-monopoly rules.

The amount of fine was determined after the regulator decided...

...to fine Alibaba to the value of 4 percent of its 2019 sales. Credit: BCCL

The company said in a statement...

...that it will accept the penalty, will ensure its compliance and will continue to operate in accordance with the law. Credit: BCCL

The Chinese regulator State Administration for Market Regulation (SAMR)...

...determined that Alibaba Group had been ‘abusing market dominance’ since 2015 by forcing its merchants from using other online e-commerce platforms. Credit: Alibaba Group

Jack Ma’s Alibaba Group was widely reported to be put under an intense scrutiny...

...after he criticised China’s regulatory system in October 2020. Credit: BCCL

The Chinese government had asked the conglomerate to dispose of their media assets last month.

Credit: Business Insider

The company has notable media holdings including South China Morning Post...

...— a Hong Kong-based 117 year-old English newspaper. Credit: BCCL

Earlier in November last year,...

...Alibaba and Ant Group's (an Alibaba-affiliate) $34 billion initial public offering (IPO) was suspended by the Shanghai Stock Exchange. Credit: BCCL

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