China based financial technology company Ant Group is reportedly seeking ways to divest the investment of Chinese billionaire Jack Ma in the company due to estranged relation between Jack Ma and the Chinese authorities.
Ant Group is an affiliate of leading Chinese e-commerce platform Alibaba Inc. (BABA) the company also owns Alipay, China’s biggest online lending platform. Ant group is exploring ways into which Jack Ma will surrender control of the company.
Sources involved with this matter have revealed that Ant Group had a meeting with Chinese regulators in which they signed a pact that will allow the company mend its estranged relationship with the authorities.
The sources say at top of the agenda for the meeting was Jack Ma’s control and future in Ant Group. These meetings have been going on for quite a while now, Wall Street Journal previously reported that in a November held meeting, Jack Ma had agreed with the regulators to give up some stake in Ant Group to Chinese government.
It’s also reported that between January and March, financial regulator China Banking and Insurance Regulatory Commission (CBIRC), The People’s Bank of China (PBOC) held separate talks with Ant Group and Jack Ma.
When reached upon regarding the issue Ant Group confirmed the meetings happened they however said Jack Ma’s was not the subject of the meeting.
“Divestment of Mr. Ma’s stake in Ant Group has never been the subject of discussions with anyone,” said Ant Group.