China Ends Probe of Jack Ma-Backed Ant With $984 Million Fine

Chinese regulators imposed a 7.12 billion yuan ($984 million) fine on Ant Group Co., according to a statement from the central bank, wrapping more than two years of probes into the finance technology giant founded by billionaire Jack Ma.

(Bloomberg) — Chinese regulators imposed a 7.12 billion yuan ($984 million) fine on Ant Group Co., according to a statement from the central bank, wrapping more than two years of probes into the finance technology giant founded by billionaire Jack Ma.

The People’s Bank of China fined the company for violations in payment, settlement, anti-money laundering and fund sales businesses.

Most of the key problems in financial platform enterprises such as Ant Group and Tencent Holdings Ltd. have been rectified, says the statement.

Postal Savings Bank of China, Ping An Bank, PICC Property and Casualty and a payment platform of Tencent were also fined recently, the statement says, without giving details.

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