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China ,now wants Jack Ma’s Alibaba to pay USD 1 Billion as fine

China’s most successful billionaire entrepreneur Jack Ma’s legal troubles began after commenting in October last in which he publicly denounced the insufficiency of the People’s Bank of China, the support institutions which regulate the financial sector in China.He was not be seen or heard of for several weeks following that.

Now,China is considering imposing a record fine of nearly USD1 billion on e-commerce giant Alibaba for allegedly flouting monopoly rules as authorities tighten their grip on the firm as part of a crackdown.The fine could be the largest superseding USD 975 million paid by US chipmaker Qualcomm in 2015.Antitrust regulators in charge of Alibaba’s case were not available for immediate response.The company is China’s largest online shopping portal.

The Chinese officials had started an investigation into Alibaba’s business practices which were found to be allegedly anti-competitive while Ma disappeared from public view.The auhtorities are also probing whether the conglomerate should divest assets which are not related to its main online retail business.Alibaba spokespersons were unavailable to comment.

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The company has been at loggerheards with the government recently.The measures against Alibaba will need to be approved by China’s leadership.The restrictions on China’s most mighty enterprise is the latest sign that the Chinese communist party is ready to thwart the hopes of big tech firms in digital sector.

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