Tuesday, July 27, 2021

Chinese regulators impose 2.75 billion fine on world’s biggest online retailer Alibaba

Regulators in China have imposed a 2.75 billion dollar fine over  the world’s biggest online retailer Alibaba. The Regulators said the internet giant abused its dominant market position for several years by stopping some sellers using other platforms. The fine amounts to 4 percent of Alibaba’s revenue in 2019.

In a statement, the company said it accepted the ruling and would ensure its compliance. Jack Ma is well-known in China as one of the country’s most successful entrepreneurs.

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