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Internet giant Alibaba fined record high for antitrust violation

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China’s regulator yesterday decided to fine Alibaba Group $ 2.77 billion. According to regulators, the internet giant violated the country’s antitrust laws by urging customers and suppliers not to trade with its competitors. The fine is the largest antitrust fine in Chinese history. It is three times larger than the previous record in this area – the fine imposed on the American chipmaker Qualcomm in 2015.

The fine is 4% of Alibaba’s 2019 revenue in China, according to the China State Market Regulatory Administration, which oversees antitrust issues. The largest anti-monopoly fine of 6 billion yuan was

The decision on the fine was made based on the results of an investigation launched in 2019.

Alibaba has already responded to the decision. She said she is adopting it and will strengthen compliance measures.

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