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Ant Group is connected to former Hangzhou party secretary’s corruption case

by Mike Robinson

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© Reuters. FILE PHOTO – A man passes by the Ant Group logo during the World Artificial Intelligence Conference, Shanghai (China), July 8th 2021. REUTERS/Yilei Sun/File Photo

SHANGHAI, (Reuters) – Ant Group has been linked to a corruption scandal involving a former party secretary at Hangzhou’s Chinese technology hub, according to Friday’s Financial Times report. The Financial Times cited public records and sources.

According to two close sources and public records, Ant Group purchased two Hangzhou plots of land in 2019. It had previously taken shares in Zhou Jiangyong’s mobile payment business.

According to the newspaper, Shanghai Yunxin Venture Capital Management Co was Ant’s subsidiary.

CCTV, China’s state broadcaster named the mobile payments businesses in its Wednesday show on corruption in Zhou. Zhou came under the investigation of China’s Central Commission for Discipline Inspection in August.

CCTV footage claimed that Zhou helped private firms, which it didn’t name, to obtain cheap land and receive preferential policies, after they purchased shares in the companies controlled by his brother. The CCTV documentary did not identify Ant.

Ant has not yet responded to Reuters’ request for comment.

Ant is the Chinese financial affiliate for the e-commerce giant. Alibaba (NYSE:) Group. Hangzhou houses both of these companies.

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