BEIJING (Sputnik) – The Chinese State Administration for Market Regulation said on Saturday that it had fined 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 its readiness to cooperate with China Communist Party regulatory officials in Beijing.
“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.
Later, Alibaba published a statement in which the company admitted guilt and accepted the imposed fine.
“Today we have received a protocol on the administrative punishment from the Chinese State Administration for Market Regulation. Concerning the fine, we sincerely accept it and fully obey,” the company said in a statement.
Alibaba also vowed to step up its efforts to respect the law and run the business in a socially responsible manne