Ant Group indicted for links to Hangzhou party secretary’s corruption case

The Financial Times reports that
Ant Group has been linked to a corruption scandal involving the former party secretary of Chinese technology hub Hangzhou.

The Financial Times reported that a unit of Ant Group bought two plots of land at a discount in Hangzhou in 2019 after taking stakes in two mobile payment businesses owned by the younger brother of the party secretary, Zhou Jiangyong.

The Ant subsidiary was Shanghai Yunxin Venture Capital Management Co.

State broadcaster CCTV named the two mobile payment businesses in a show it aired on the corruption probe into Zhou.

Zhou came under investigation by China’s Central Commission for Discipline Inspection (CDDI) in August.

The CCTV documentary alleged that private companies were helped by Zhou to acquire cheap land and enjoy preferential policies after they bought shares in these firms controlled by his brother.

Ant is the financial affiliate of Chinese e-commerce giant Alibaba Group. Both companies are headquartered in Hangzhou.

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