, China

Alibaba fined $2.8b over anti-monopoly regulations

The company will also need to submit a compliance report for three consecutive years.

Alibaba Group was fined $2.8b (RMB18.29b) by China’s State Administration for Market Regulation (SAMR) for violating the country’s anti-monopoly law, the firm said in a bourse filing. This accounted for 4% of its 2019 revenue.

The SAMR also issued an administrative guidance to the company to put a comprehensive programme of rectification, which requires Alibaba Group to submit a self-assessment and compliance report to the SAMR for three consecutive years.

“We accept the penalty with sincerity and will ensure our compliance with determination,” Alibaba said in its filing.

In December 2020, Alibaba Group issued an announcement regarding its receipt of a notice of investigation from SAMR. The Anti-Monopoly Law states that a business operator that has a dominant market position is prohibited from restricting business counterparties through exclusive arrangements without justifiable cause
 

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