Jakarta, CNBC Indonesia – President Xi Jinping’s Chinese government imposed sanctions on Jack Ma’s company, Alibaba. E-commerce was fined 18.23 billion yuan or around Rp.41 trillion (exchange rate Rp.2230 / yuan).
This is related to the investigation into the technology giant monopoly case. In a statement Saturday (10/4/2021), China’s State Administration for Market Regulation (SAMR) accused Alibaba of abusing its market dominance.
“Alibaba violates the merchant’s business on the platform as well as the legitimate rights and interests of consumers,” according to the translation as reported CNBC International, quoted on Sunday (11/4/2021).
In addition to the fines, which amounted to about 4% of the company’s 2019 revenue, regulators said Alibaba must file its own checks and compliance reports with SAMR over the past three years. So far Alibaba claims to accept this decision.
“Alibaba takes the punishment sincerely and will ensure its compliance with determination,” Alibaba said in a statement.
“To fulfill its responsibility to society, Alibaba will operate in accordance with the law with great diligence, continue to strengthen its compliance system, and build growth through innovation.”
China’s regulators previously opened an investigation into the firm’s monopolistic practices in December. The main focus of the investigation is the practice that forces traders to choose one of the two platforms, instead of being able to work with both.
The authorities argue that the “one choose” policy and the other policies allow Alibaba to improve its position in the market and gain an unfair competitive advantage.
(boss / boss)
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