China Set to Fine Ant More Than $1 Billion, Reuters Reports
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Chinese authorities are planning to impose a fine of more than $1 billion on Jack Ma’s Ant Group Co., paving the way for the ending of a regulatory overhaul of the financial technology firm, Reuters reported, citing people familiar with the matter.
The central bank is preparing the penalty, which could land in the second quarter of next year, the news agency said, adding that the regulator has been in touch with Ant about the plans. Ant and the central bank didn’t respond to Reuters’ requests for comment. The firm also didn’t immediately respond to a request for a comment from Bloomberg News.