Alibaba bids to clear the air in Taiwan
Print Edition
ALIBABA Group Holding will provide Taiwanese authorities with the information required about its business, Executive Chairman Jack Ma said yesterday after authorities ordered the e-commerce giant to withdraw from the island within six months.
Ma told reporters in Taipei that Alibaba’s mistake was the “lack of sufficient communication” with Taiwan’s authorities. Earlier, the company said it had set up its Taiwan branch in accordance with regulations “at the time.”
“We fully understand the requests that Taiwan has made this time,” Ma told reporters.
“Alibaba is not a company that gives up easily,” he added, when asked if the company would quit Taiwan, where it has been operating since 2008 and has about 300,000 customers.
On Monday, Taiwan’s investment regulator said Alibaba had violated rules required for a Chinese mainland company and had to quit the island. It was also fined NT$120,000 (US$3,824). Chinese mainland investments in the island are regulated strictly despite growing trade and economic ties since the late 2000s.
Taiwan’s investment regulator said it had been looking into Alibaba Group’s shareholding structure since it went public in the United States last September and had requested documents from the company to clarify, but they were not provided.
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