22 November, 2021 77

China fines Alibaba for anti-monopoly violations

Chinese authorities have fined e-commerce giant Alibaba and several other large companies in the country for breaking anti-monopoly laws. This was reported by the BBC Russian Service with reference to Reuters.

The fined companies failed to notify the Chinese government of 43 deals that were struck in 2012.  Each organization now has to pay a fine of 500,000 yuan (about $ 78,000).

Earlier, the PRC authorities fined Alibaba the largest amount in the history of the country - $ 2.78 billion for violating antitrust laws.  The investigation confirmed that Alibaba had a policy of forcing consumers to use their services "no choice".  According to the Chinese regulator, the company's actions negatively affected the competitive environment of the Chinese e-commerce market.

Новостной портал – ATPress