4 hours agoChina imposes fines $2.7 billion on giant Alibaba
Periskopi(5 years ago)
(5 years ago)Chinese authorities have fined the Alibaba group $2.75 billion for violating the rules against monopoly and for abuse of dominant positions, thus marking the highest fine ever imposed in the country. Fine, equal to about 4 percent of Alibaba's 2019 income comes within a [...]
Chinese authorities have fined the Alibaba group $2.75 billion for violating the rules against monopoly and for abuse of dominant positions, thus marking the highest fine ever imposed in the country.
Fine, equal to about 4 percent of Alibaba's 2019 income, comes from an unprecedented Chinese government offensive to technology conglomerates, which in recent months has damaged their stock in stock markets.
The billionaire Empire founded by Jack Ma has been under intense pressure following his criticism at the address of the Chinese regulatory system last October, reports Euronews. al.
While in December, the Chinese State Administration for Market Control announced it had launched an investigation into the company. This came after authorities prevented an initial 37 billion-dollar offer from the Ant Group, Alibaba's internet arm.
But as the fine brings Jack Ma's company a step away from solving problems, the Ant Group will have to agree to a Chinese-led reshuffle, which is expected to significantly cut its value and take control of some of the company's businesses.
