Chinese authorities fined Ant Group $984 million – Kommersant
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The People’s Bank of China has completed an investigation into Ant Group and announced to impose a fine on a fintech company in the amount of 7.12 billion yuan ($984 million).
The Central Bank said in a statement that by now, most of the problems identified by the regulator in Ant Group’s business have been eliminated, and now the regulator will move from “facilitating the centralized correction of the financial business of the platform to normalized supervision.”
The regulator fined Ant Group for violations in corporate governance, consumer protection of financial services, business activities of banking and insurance institutions, in making payments and settlement operations, fulfilling anti-money laundering obligations, and conducting a business selling funds.
At the same time, the Central Bank noted that it also fined Postal Savings Bank of China, Ping An Bank, PICC Property and Casualty and the Tencent payment platform. The amount of fines for these financial institutions is not given by the regulator.
The imposition of the fine marks the end of a lengthy investigation by the authorities into Ant Group and Alibaba Group Holding. Since cancellation The IPO of Ant Group, the financial arm of Alibaba, in September 2020 began the problems of the technology giant and its founder, Jack Ma. A couple of days before the proposed IPO Ant regulators called Mr. Ma for questioning, and the placement of Ant Group was postponed indefinitely. According to Western media, behind this decision stood Xi Jinping, who did not like that Mr. Ma repeatedly criticized the Chinese authorities.
In April 2021, the regulator imposed a record 18.22 billion yuan ($2.78 billion) fine on Alibaba for violating antitrust laws and ordered Ant Group’s massive restructuring.
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