19.3 C
Imphal
Friday, May 7, 2021
No menu items!

China fines Alibaba record $2.78 billion over anti-monopoly violations

The body launched an investigation into Alibaba’s anti-monopoly violations in late 2020, with the company expressing readiness to cooperate with the authorities.

Must Read

Beijing: The Chinese State Administration for Market Regulation said on Saturday it had fined the e-commerce giant Alibaba 18.228 billion yuan ($2.78 billion) over anti-monopoly violations.

The body launched an investigation into Alibaba’s anti-monopoly violations in late 2020, with the company expressing readiness to cooperate with the authorities.

- Advertisement -

“In line with the articles 47 and 48 of the Anti-Monopoly Law of China as well as given the nature, duration and scale of Alibaba Group’s illegal activities, the Chinese State Administration for Market Regulation imposed on April 10, 2021, an administrative punishment, deciding to fine the company 4 percent of its internal net sales in 2019 (455.712 billion yuan), which amounts to 18.228 billion yuan,” the body said in a statement.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Manipur CM reviews Covid situation with DCs, SPs, CMOs through video conferencing

Imphal: Amid a sudden upsurge of COVID-19 positive cases, Chief Minister N Biren Singh reviewed the present situation in...
- Advertisement -

More Articles Like This

- Advertisement -