China's top anti-graft watchdog reportedly plays a major role in the ongoing investigation of the financial tech firm of Chinese billionaire Jack Ma, the Ant Group.
Jack Ma's Ant Probe and China's Anti-Graft Watchdog
As per a news story by Bloomberg, unnamed sources close to the matter say that the top anti-graft group in China, the Central Commission for Discipline Inspection, wanted to learn more about the influence of the giant fintech of Ma.
The watchdog also wanted to probe the transactions of the Ant Group with other financial firms.
It is worth noting that Bloomberg exclusively reported the alleged direct role of the Central Commission for Discipline Inspection, or shortly known as CCDI.
To be clear, there have been no previous reports that have claimed that the anti-graft watchdog had any links to the ongoing investigation.
It is interesting to add that the fintech of Ma has yet to issue any statement regarding the latest report. On top of that, CCDI also did not speak about it yet.
Meanwhile, according to a recent report by Reuters, anonymous sources have previously disclosed that the Chinese regulators have requested state-owned companies to check their investments in the fintech of the tech billionaire.
The sources further said that the regulators have specifically asked state-owned banks and other firms in the Asian country to look into their investments with Ant Group.
China's Top Anti-Graft Watchdog
The news outlet went on to note that the CCDI is known for its role in investigating any corrupt practices of even the senior members of the Communist Party of China.
The administration of the President of the People's Republic of China, Xi Jinping, is widely known for his staunch fight against graft and corruption in the Communist Party.
The Chinese chief executive also sits as the General Secretary of the Communist Party. Nevertheless, Xi Jinping goes after any malicious activities even those from the senior party members.
That said, the top anti-graft watchdog of China, the CCDI, has been inspired to go after corrupt practices even in the financial industry in the Chinese territory.
The shares of another firm of Ma, Alibaba, which also owns a third of his fintech, has sunk to about 4.7 percent in Hong Kong on April 14, Thursday.
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Written by Teejay Boris
