Jack Ma's Ant Group connected to corruption scandal in Hangzhou: Report

Jack Ma's Ant Group connected to corruption scandal in Hangzhou: Report

Ant Group's Hangzhou Headquarters. Source: Ant Group

Ant Group is connected to a corruption scandal involving the former party secretary of Chinese technology hub Hangzhou, the Financial Times reported on Friday, citing public records and sources.

The newspaper, citing public records and two sources close to the deals, said 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.

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