(agencies)
The Chinese central bank imposed a fine of 7.12 billion yuan ($985 million) on Alibaba’s subsidiary Ant Group on Friday.
The People’s Bank of China, which issued the fine, said the penalty was in response to violations of various laws and regulations, including those related to corporate governance, consumer protection and anti-money laundering requirements.
The fine is one of the largest against a Chinese internet company, and it is looking to end the scrutiny and years-long restructuring of Ant Group, after the cancellation of its $37 billion initial public offering in late 2020.
From that moment, which triggered a two-year crackdown from Beijing on China’s domestic tech sector, Ant was forced to overhaul its business. This included transforming itself into a financial holding company under the supervision of the People’s Bank of China.
Alibaba owns about 33% of the shares of Ant Group, and Chinese billionaire Jack Ma is the founder of the two companies.
Authorities delisted Ant in 2020 due to regulatory concerns.
Since April 2021, Ant has officially undergone a comprehensive business restructuring process, which includes transforming itself into a financial holding company that will subject it to rules and capital requirements similar to those of banks.
2023-07-07 14:09:27
#China #fined #Ant #Group #million #Gulf #newspaper
