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Home » Alibaba slapped with $2.75bn fine
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Alibaba slapped with $2.75bn fine

Israel Boafo
Last updated: April 12, 2021 12:40 pm
By Israel Boafo
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Jack Ma, chairman of Alibaba Group Holding Ltd., pauses during a fireside interview at the Viva Technology conference in Paris, France, on Thursday, May 16, 2019. Donald Trump’s latest offensive against China’s Huawei Technologies Co. puts Europe in an even bigger bind over which side to pick, but France's President Emmanuel Macron is holding the line.
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The world’s biggest online retailer – China’s Alibaba – has been hit with a record fine equivalent to $2.75bn (just over £2bn).

BBC reports that regulators in China said the internet giant had abused its dominant market position for several years.

The company in a statement said it has accepted the ruling and would “ensure its compliance”.

Analysts say the fine shows China intends to move against internet platforms that it thinks are too big.

The company is China’s Amazon meets eBay, our correspondent says. Retail is its main activity but its work has spread to digital payments, credit and cloud computing.

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By Israel Boafo
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Israel Boafo Obtained MSc in Communication Studies. He has published several books to his name including his latest best selling released in May 2021.
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