Alibaba Hit With Record $2.75bn Fine

By Hot FM Ghana On Apr 12, 2021

NEW YORK, NY - SEPTEMBER 23: Executive Chairman of the Alibaba Group Jack Ma speaks during the "Valuing What Matters" panal discussion during the third day of the Clinton Global Initiative's 10th Annual Meeting at the Sheraton New York Hotel & Towers on September 23, 2014 in New York City. (Photo by Jemal Countess/Getty Images)

The world’s biggest online retailer – China’s Alibaba – has been hit with a record fine equivalent to $2.75bn (just over £2bn).

BBC reports that regulators in China said the internet giant had abused its dominant market position for several years.

The company in a statement said it has accepted the ruling and would “ensure its compliance”.

Analysts say the fine shows China intends to move against internet platforms that it thinks are too big.

The company is China’s Amazon meets eBay, our correspondent says. Retail is its main activity but its work has spread to digital payments, credit and cloud computing.