Alibaba Sued for US $ 2.75 Billion! - Kakiforex | Forex markets for the smart money. Alibaba Sued for US $ 2.75 Billion! Alibaba Sued for US $ 2.75 Billion!

April 12, 2021

Alibaba Sued for US $ 2.75 Billion!

 The world's largest online retailer, Alibaba, has been sued for $ 2.75 billion.

Chinese authorities claim the giant has abused its position to monopolize the market for several years.

Clearly local authorities, Alibaba is restricting competition by preventing some sellers from using other Internet platforms.

According to a statement issued by Alibaba, the company will accept the decision and will abide by it.

Economic analysts said the fines showed that China's crackdown on Internet platform companies deemed too powerful.

Alibaba is the largest giant company in China and is known as Amazon China. The main activity of the company is retail but has expanded its services to digital payments, credit payments and cloud computing.

The value of the fine covers about 4% of Alibaba’s revenue in 2019.

That is the latest action taken against a company founded by Jack Ma. He had previously criticized the Chinese government’s actions in restricting the innovation of the country’s firms.

The fines also upset other Chinese technology giants.

Last month, as many as 12 companies such as Tencent, Baidu, Didi Chuxing and Softbank were fined for violating anti-monopoly rules.