China fines companies like Alibaba, Baidu and Tencent for failing to declare 43 deals amid antitrust fight

China’s market regulator found that the companies failed to disclose 43 M&A deals dating back to 2012. Photo: Russia Today

China’s State Administration of Market Regulation on Saturday fined several relevant companies, including tech giants Alibaba, Baidu, Tencent and e-commerce platform and Suning, for violating national antitrust laws.

Also, the companies that committed the crime will be fined 500,000 yuan (about $ 78,000) each, the maximum under China’s 2008 Antitrust Law, Reuters reports.

“With the in-depth advancement of antitrust law enforcement, awareness of merger claims by corporate operators has continued to increase, proactively classifying and reporting mergers that have not previously been declared illegally, and actively cooperating with investigations. “, communicated the regulatory authority.

The institution asserted that the criminalization of undeclared cases can not only help maintain the authority of antitrust law and optimize transparent competition, but also urge companies to improve their compliance awareness and promote the solid development of companies and industries. .

According to reports, the market regulator has already fined a number of companies since the beginning of the year, especially in the Internet platform sector, for their monopolistic behaviors, including conducting mergers and acquisitions without approval.

In this context, Alibaba, which belongs to billionaire Jack Ma, was already fined in April this year with a record figure of $ 2.78 billion. “In accordance with Articles 47 and 48 of the Antitrust Law, and taking into account the nature, duration and scale of the illegal activities of the Alibaba Group, the State Administration of Market Regulation of China imposed […] a fine of 4% of the company’s national sales in 2019, “the entity reported.

(Taken from Russia Today)

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