Alibaba’s Jack Ma ‘disappears’ after conflict with China

Beijing: Alibaba founder and Chinese billionaire Jack Ma has reportedly gone missing for over two months now following his controversial speech in October in which he severe criticized the regulation system of China and called the banks ‘pawnshops’.

The Financial Times reported that Ma was recently replaced as a judge in the final of TV show ‘Africa’s Business Heroes’.

It is being speculated that Jack Ma’s wrangle with China’s authoritarian regime has led to a crackdown on his business in the country and his disappearance from public space.

Jack Ma’s trouble with the Chinese government first began when he gave a speech criticizing China’s regulators and state-owned banks for their ‘backwardness’.

His remarks are said to have infuriated Beijing’s party brass, leading to Chinese President Xi Jinping to personally order a halt to the offering by Alibaba’s financial affiliate company, Ant Financial, which was set to raise USD 37 billion in the biggest stock-market debut in history, reported Hollywood Reporter.

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 that Ant Group should return to its roots in payments and bring more transparency to transactions.

The Wall Street Journal reported that Beijing is seeking to shrink Jack Ma’s technology and financial empire and potentially take a larger stake in his businesses.

Image courtesy of (credit: Wikimedia)

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