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Alibaba agrees to pay US$600 million to settle US probe into illegal product sales

Source: scmp.com scmp.com
News Snapshot:

Alibaba Group will pay US$600 million to settle a US Department of Justice investigation into allegations that its e-commerce platforms enabled the sale of thousands of illegal pharmaceuticals, controlled substances, and other prohibited products into the United States, marking one of the largest criminal resolutions involving a Chinese technology company.The settlement, announced on Wednesday, resolves the investigation through non-prosecution agreements with Alibaba and AUS Merchant Services, formerly known as Alipay US and now a subsidiary of Ant Group. While the companies avoided criminal prosecution, they accepted responsibility for the conduct described by the Justice Department and agreed to strengthen their…

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