China's top anti-graft watchdog reportedly plays a major role in the ongoing investigation of the financial tech firm of Chinese billionaire Jack Ma, the Ant Group.
Jack Ma, co-founder and executive chair of the Alibaba Group, arrives for the "Tech For Good" meetup at Hotel Marigny in Paris on May 15, 2019, held to discuss good conduct for technology giants. - French President and New Zealand's premier will host other world leaders and leading tech chiefs to launch an ambitious new initiative known as the "Christchurch call" aimed at curbing extremism online. The political meeting will run in parallel to an initiative launched by the French President called "Tech for Good" which will bring together 80 tech chiefs in Paris to find a way for new technologies to work for the common good.
Jack Ma's Ant Probe and China's Anti-Graft Watchdog
As per a news story by Bloomberg, unnamed sources close to the matter say that the top anti-graft group in China, the Central Commission for Discipline Inspection, wanted to learn more about the influence of the giant fintech of Ma.
The watchdog also wanted to probe the transactions of the Ant Group with other financial firms.
It is worth noting that Bloomberg exclusively reported the alleged direct role of the Central Commission for Discipline Inspection, or shortly known as CCDI.
To be clear, there have been no previous reports that have claimed that the anti-graft watchdog had any links to the ongoing investigation.
It is interesting to add that the fintech of Ma has yet to issue any statement regarding the latest report. On top of that, CCDI also did not speak about it yet.
NEW YORK, NY - SEPTEMBER 19: Founder and Executive Chairman of Alibaba Group Jack Ma attends the company's initial price offering (IPO) at the New York Stock Exchange on September 19, 2014 in New York City. The New York Times reported yesterday that Alibaba had raised $21.8 Billion in their initial public offering so far.
Meanwhile, according to a recent report by Reuters, anonymous sources have previously disclosed that the Chinese regulators have requested state-owned companies to check their investments in the fintech of the tech billionaire.
The sources further said that the regulators have specifically asked state-owned banks and other firms in the Asian country to look into their investments with Ant Group.
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China's Top Anti-Graft Watchdog
The news outlet went on to note that the CCDI is known for its role in investigating any corrupt practices of even the senior members of the Communist Party of China.
The administration of the President of the People's Republic of China, Xi Jinping, is widely known for his staunch fight against graft and corruption in the Communist Party.
The Chinese chief executive also sits as the General Secretary of the Communist Party. Nevertheless, Xi Jinping goes after any malicious activities even those from the senior party members.
That said, the top anti-graft watchdog of China, the CCDI, has been inspired to go after corrupt practices even in the financial industry in the Chinese territory.
The shares of another firm of Ma, Alibaba, which also owns a third of his fintech, has sunk to about 4.7 percent in Hong Kong on April 14, Thursday.
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Written by Teejay Boris
