Alibaba Founder Jack Ma Suspiciously ‘Disappears’ Amid Conflict with Chinese President Xi Jinping

Alibaba Founder Jack Ma Suspiciously ‘Disappears’ Amid Conflict with Chinese President Xi Jinping

 Chinese billionaire and Alibaba founder Jack Ma has reportedly ‘disappeared’ from the public eye for at least two months after he came in conflict with President Xi Jinping-led Central Communist Party government and this has led to speculations whether the business tycoon is missing or just avoiding the public. Also Read – Amid Standoff In Ladakh, China Deploys Tanks Opposite Indian Posts at LAC

Ma who is one of China’s wealthiest men, was scheduled to appear for the filming of his own talent show, Africa’s Business Heroes, however, he did not even turn up for it and was replaced by another Alibaba executive. Speaking to Financial Times, the Chinese e-commerce giant said that Ma couldn’t appear on the show due to a conflict in schedules. Also Read – What About ‘Vocal For Local?’ #BoycottChina Trends on Twitter After Delhi-Meerut Rapid Rail Project Awarded to Chinese Company

A spokesperson for Alibaba was quoted as saying that “due to a schedule conflict Mr Ma could no longer be part of the finale judge panel of Africa’s Business Heroes earlier this year (2020)”. Also Read – Imran Khan Says His Govt Wants To Learn From China’s Development Model to Eradicate Poverty

The show took place in November, shortly after Ma “made a candid speech criticising China’s regulators and its state-owned banks”.

“His photograph was removed from the judging webpage, and he was conspicuously left out of a promotional video. Ma was dressed down by officials in Beijing and the $37 billion initial public offering of his company Ant Group was suspended. He has not been seen in public since,” the Financial Times report said.

Last month, as China’s top market watchdog began investigation into alleged anti-competition practices by the e-commerce giant Alibaba, the country also laid out “rectification plan” for Ma’s fintech venture Ant Group.

According to a report in TechCrunch, the People’s Bank of China, the country’s central bank, “summoned Ant Group for regulatory talks on December 26th, announcing a sweeping plan for the fintech firm to ‘rectify’ its regulatory violations”.

The banking authority laid out a five-point compliance agenda for Ant Group. The agenda is that Ant Group should return to its roots in payments and bring more transparency to transactions. Ant Group said it has established an internal “rectification workforce” to work on all the regulatory requirements.

Xinhua news agency had first reported that The People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange will “interview Ant Group in the near future”.

The State Administration for Market Regulation started investigation into alleged anti-competition practices by ecommerce giant Alibaba, as Beijing tightened control of an expanding Internet.

In a brief note, the State Administration for Market Regulation said that it is investigating Alibaba over its “choosing one from two” policy. As part of this policy, merchants are forced to sell exclusively on Alibaba e-commerce platforms and skip rivals like JD.com. Alibaba Group said in a statement that they have received notification from the State Administration for Market Regulation.

Share this post