China Slams Alibaba With $2.8 Billion Fine for Violating Anti-Monopoly Laws
Chinese regulators slapped Alibaba (NYSE: BABA) with a massive $2.8 billion fine for violating the country's anti-monopoly laws.
The e-commerce giant came under scrutiny from antitrust regulators after CEO Jack Ma criticized authorities for stifling innovation in the country. They struck back hard, forcing Ma's Ant Financial to withdraw its planned IPO at the last minute, fining Alibaba for failing to seek pre-approval of its increased ownership interest in department store chain Intime Retail Group, and reportedly seeking to have Alibaba divest its media interests.
Ma went into virtual hiding after the brouhaha he stirred up, hoping to quell the backlash against his companies.
Source Fool.com
