TAIPEI (REUTERS) - Taiwan has ordered China's Alibaba Group Holding Ltd to withdraw from the country within six months because the online retailer had violated investment rules required for a Chinese company, an economics ministry official said on Monday.
Alibaba had been fined 120,000 Taiwan dollars (S$5,216) and must withdraw or transfer its holdings from its operation in Taiwan, Emile M.P. Chang, acting executive secretary for the Investment Commission, told Reuters.
The commission falls under the Ministry of Economic Affairs and has authority over the review of Chinese investments in Taiwan.
Chang said the Investment Commission had been looking into the matter since September and had requested documents from Alibaba to clarify its shareholding, but those documents had not been provided.
Alibaba was not immediately available for comment.
The Chinese e-commerce giant entered Taiwan in 2008 as a Singapore registered company. Taiwan did not allow Chinese investment or subsidiaries of Chinese companies to enter the island until 2009.
Alibaba Chief Executive Jack Ma is due to give a speech to university students in Taipei on Tuesday.