Arab Today, arab today taiwan banishes alibaba over investment violation
Last Updated : GMT 16:24:37
Arab Today, arab today
Arab Today, arab today

Taiwan banishes Alibaba over investment violation

Arab Today, arab today

Arab Today, arab today Taiwan banishes Alibaba over investment violation

Chinese e-commerce giant Alibaba
Taipei - AFP

Taiwan has demanded Chinese e-commerce giant Alibaba withdraw from the island within six months for violating investment restrictions on mainland-controlled firms, officials said Tuesday.
The island's Investment Commission has ordered Alibaba to withdraw or transfer its holdings from its Taiwanese branch, saying that it registered as a foreign company when it was in fact a mainland company.
Alibaba can appeal the ruling, which also carries a T$120,000 ($3,820) fine.
Although restrictions on Chinese investment have eased since Beijing-friendly President Ma Ying-jeou came to power in 2008, foreign companies are still subject to fewer limitations than mainland firms.
China and Taiwan have been governed separately since the end of a civil war in 1949, but Beijing still considers the island part of its territory, awaiting reunification.
Alibaba is registered as a foreign company in Taiwan under the name Alibaba.com Singapore E-commerce Private Ltd.
"Alibaba violated Taiwan's investment regulations which stipulate that mainland Chinese investors cannot apply to set up companies as foreign investors," said commission spokeswoman Chu Ping.
She said Alibaba should be registered as a Chinese firm as more than 30 percent of it was controlled by mainland investors, information which came to light after the company's IPO on the New York Stock Exchange last year.
Chu said it could re-register in the future as a mainland company.
Alibaba can appeal to Taiwan's cabinet and the commission would reconsider its decision should it make a successful appeal, Chu said.
The company said in a statement that it would seek to clarify the issue and "take proper actions" to protect its interests if necessary.
It said the Taiwan branch was set up as a foreign company in 2008 and had acted in accordance with the island's regulations.
"Since Alibaba Group, the parent company of Alibaba.com, went public in the US last September, the authority took a different view about the internal structure of Alibaba Group and deemed it as a mainland Chinese company," the statement said.
"We will actively communicate with the authority and provide the required supporting materials to comply with the latest requirements," it said.
In 2009 Taiwan partially lifted its decades-old ban on investment in the island by Chinese companies or individuals as ties improved under President Ma, who came to power on a platform of boosting trade with China and was reelected in 2012 for a final four-year term.
Alibaba founder Jack Ma spoke to around 2,000 students at National Taiwan University on Tuesday but did not broach the issue, instead encouraging young people to become entrepreneurs.
"I want to help Taiwan's small businesses to sell their products to the mainland and the world," he said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today taiwan banishes alibaba over investment violation Arab Today, arab today taiwan banishes alibaba over investment violation

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today taiwan banishes alibaba over investment violation Arab Today, arab today taiwan banishes alibaba over investment violation

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday