Alibaba pledges to bring about change after a hefty fine imposed by Chinese authorities


Logo of the Chinese company Alibaba

Photo released, Getty Images

Technology company “Alibaba” said it had accepted the huge fine imposed on it by the anti-trust regulator in China.

Regulators imposed a $ 2.8 billion fine on the company following an investigation that concluded that the company had used its market position for years.

The fine is equivalent to about 4 percent of the local revenues the company generated during 2019.

“We are happy to go over this issue, but the trend is that the regulators will be keen to monitor some aspects that may see unfair competition,” said Joseph Tsai, executive vice president of Alibaba Group.


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