China imposes $984M fine on Ant Group

By Tuba Ongun

ANKARA (AA) - The People’s Bank of China on Friday fined Ant Group 7.12 billion yuan ($984 million) for violating laws and regulations in payment, settlement, anti-money laundering and fund sales businesses.

The penalty could end the years-long scrutiny and overhaul of the Jack Ma-funded fintech company that began with the last-minute scrapping of its $37 billion initial public offering (IPO) in November 2020.

Alibaba owns a 33% stake in Ant Group.