Published 10:40 IST, January 4th 2021
Chinese billionaire Jack Ma missing? Speculation rife amid Xi's crackdown on Alibaba boss
Jack Ma, the Chinese billionaire, who is under the scanner of the ruling Chinese Communist Party (CCP), has reportedly not been seen in public for several weeks
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Jack Ma, the Chinese billionaire and founder of Alibaba, who is under the scanner of the ruling Chinese Communist Party (CCP), has reportedly not been seen in public for several weeks. This has led to speculations that Ma could be missing. He also failed to appear as scheduled in the final episode of his own talent show, Africa’s Business Heroes, which gives budding African entrepreneurs the chance to compete for a slice of US $1.5 million. He last tweeted on 10 October last year.
Where is Jack Ma?
Jack Ma was supposed to be part of the show's judge panel, but was replaced by an Alibaba executive in the November final, UK’s Telegraph reported. His picture was also taken off the website. According to Financial Times, an Alibaba spokesperson said Ma was unable to take part in the judging panel "due to a schedule conflict."
The 56-year-old hasn't been seen publicly after officials hit back at him following an October speech in which he complained at a business conference that China's regulators and state-run banks are hampering opportunities. "Today’s financial system is the legacy of the Industrial Age," Ma said in the speech. "We must set up a new one for the next generation and young people. We must reform the current system," he said.
Chinese regulators order Ant Group to rectify its businesses
In November, officials in Beijing reprimanded Ma and suspended the $37billion initial public offering of his Ant Group on the direct order of President Jinping, the Wall Street Journal reported. He was then advised to remain in China before launching an anti-monopoly investigation into his Alibaba Group Holding on Christmas Eve, according to Bloomberg.
As per the Associated Press, the moves are part of the Communist Party's efforts to curb the influence of tech companies as they move into the financial services sector during a time when Beijing is seeking to reduce financial risks. Chinese regulators also ordered Ant Group, the world’s largest financial technology company, to rectify its businesses and comply with regulatory requirements amid increased scrutiny of anti-monopoly practices in the country’s internet sector.
Alibaba and a company spun off by Tencent Holding Ltd. were fined last month for failing to apply for official approval before proceeding with some acquisitions.
10:40 IST, January 4th 2021