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China’s Alibaba hit with record $2.75 billion Antitrust fine

Chinese regulators have slapped a $2.75 billion fine on Alibaba which is equivalent to around 4% of its revenues in 2019 is the highest ever antitrust penalty to be imposed in china. The E-Commerce group founded by jack Ma is accused of violating anti Monopoly rules and abusing its dominant market position. China’s regulatory system was criticised back in October. In late December in a statement the Chinese company said that it accepted the regulator’s decision and would implement the ruling.

Source- Reuters

 

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