Sorry, what is this referring to? To my knowledge, his big transgression was trying to popularize some kind of banking and investment tool, which was illegal because of state control of finance.

[–] Keld@hexbear.net 51 points 5 days ago* (last edited 5 days ago)

His company was involved in a bribery scandal involving Zhou Jiangyong, one of China's biggest corruption scandals, "Ant Group" owned by Jack Ma was the primary beneficiary of the corruption done by Zhou. They've also been fined billions for various other financial crimes, including basically not complying with any financial regulations and scam loans to consumers, and it hasn't stopped them.

I don't know if that's what purpleworm is referring to, there's plenty of other shady shit to pick from. Jack Ma is a billionaire piece of shit (Tautological as that is) with all that entails.

[–] purpleworm@hexbear.net 25 points 5 days ago (1 children)

My characterization was hasty, but he did get in trouble for both things that I mentioned, albeit with "rampant" only applying some of the time.

Here's a highly hostile article discussing the corruption aspect:

https://www.globallawtoday.com/business/2025/04/jack-ma-indicted-the-legal-and-political-fallout-of-chinas-move-against-its-most-prominent-entrepreneur/

Here are some other crimes, some of which are financial and some of which are not:

https://www.amlintelligence.com/2023/07/news-chinas-ant-group-pays-984m-fine-for-aml-and-corporate-governance-failings/

I guess "failure to meet anti-money-laundering obligations" is adjacent but not itself a financial crime. Here's an article that mentions what you mentioned, along with mentioning "high-risk lending activities, with leverage ratios of 50-60 times, raised serious concerns among regulators":

https://www.benzinga.com/markets/24/11/42175308/the-fall-of-ant-groups-ipo-alibabas-missteps-legal-battles-and-a-433-5m-settlement

There are a lot of different charges, which I guess is kind of what you'd expect when a massive company that the CPC had previously turned a blind eye to suddenly falls under intense scrutiny.

[–] Keld@hexbear.net 24 points 5 days ago

I think if you are involved in multiple corruption scandals and one of them is bad enough that a person involved is sentenced to death (Later changed to life imprisonment) rampant is a fine descriptor.

[–] jackmaoist@hexbear.net 8 points 5 days ago

He was also going wild over 9-9-6 so that probably pissed a fuckton of people off.