Jack Ma’s Ant Group has been implicated in a corruption scandal by a documentary on state broadcaster China Central Television, adding to pressure on the billionaire’s internet empire, already hit hard by a regulatory crackdown over the past 15 months, the Financial Times reported.
The CCTV documentary alleged that private companies made “unreasonably high payments” to the brother of the former Chinese Communist Party head of Hangzhou. According to public records and two sources close to the deals, a unit of Ant Group bought two plots of land at a discount in Hangzhou in 2019 after taking stakes in two mobile payment businesses owned by the party secretary’s younger brother.
Read the full report:The Financial Times.
China’s Cinda Scraps $944m Investment In Ant Finance Unit
Ant Group ordered to restructure as a financial institution
Jack Ma under pressure to sell control of Ant, sources claim