Shanghai: Chinese regulators have fined Jack Ma's e-commerce company Alibaba 18.2 billion yuan ($2.78 billion). The company has been charged with misusing the penalty, market position. News agency Xinhua reported that the Market Regulation Administration had assessed the fine after Alibaba's investigation began in December.
According to China regulators, Alibaba has violated anti-monopoly laws. At the same time, they misused their position in the market. Xinhua said regulators have imposed a penalty equivalent to four percent of Alibaba's 2019 sales 459.7 billion yuan, which is about $2.78 billion. Jack Ma has come under the target of the Chinese government ever since he criticized the policies of China's Xi Jinping government last year.
Jack Ma criticized the Chinese government on an issue in October 2020. According to reports, no public presence of Jack Ma has been recorded since then. Doubts about Jack Ma deepened when he did not even appear in the final episode of his talent show 'Africa's Business Hero.' Ma was replaced by an Alibaba official in this episode. After that, there was a discussion of Jack Ma missing all over the world. Jack Ma then appeared in a video program.
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