Alibaba Group Holding Limited has announced that he will pay the US $ 25 million to eliminate the American case against him.
Dawn News reported that the Chinese e-commerce company had come up with a complaint on the issue of its regulatory warning issued in 2014 regarding its ability to counterfeit fraud.
In this case, allegations on Ali Baba Securities were accused of failing to meet Chinese State Administration of Industry and Trade (SAIC) on July 16, 2014, while meeting with the company in the US It took 2 billion months before the initial public offering (IPO) of $ 25 billion.
Later, the SAIC issued a white paper based on the concerns raised by the meeting, followed by Ali Baba’s American deporter shares at 12.8 percent on 28 and 29 January 2015.
In this white paper, it was said that most of the products sold on Alibaba’s website were fake, as well as it was said that the SAIC issued its probe late so that the IPO did not affect the IPO.
Ali Baba denied the mistake on the other hand and said that this settlement will eliminate all the pending security lawsuit against the company, its executive officers and directors.
In judicial papers, the contractor called the agreement as ‘fairly fair, reasonable and fair’, while referring to potential obstacles that it showed that Ali Baba made fake statements and executed deliberately deceiving Wind
Papers appear that lawyer can ask up to 25 percent of the settlement funds for legal fees, but he did not comment on this matter.
It is clear that the Chinese company has been facing a long-term charge that its online platform is a paradise for counterfeiters, and there are luxury brands in cases against it.