Jack Ma, the Chinese billionaire, who is under the scrutiny of the ruling communist party in China has reportedly not been seen in public for several weeks. This was after officials hit back at him following an October speech in which he complained that China’s regulators and state-run banks are hampering opportunities.
There after, the Chinese billionaire failed to appear as a judge during the final episode of his own talent show, African business heroes, as scheduled. After that, several reports questioned his whereabouts. During the show, the Chinese billionaire was replaced by an Alibaba executive according to the Telegraph UK.
The Financial Times reported that an Alibaba spokesperson said Ma was unable to take part in the judging panel due to a schedule conflict.
In his speech, where he accused state run banks in china of hampering opportunities, Jack ma is quoted stating that “Today’s financial system is the legacy of the Industrial Age, We must set up a new one for the next generation and young people. We must reform the current system”.
After that, several investigations allegedly under the authority of the Chinese president were launched on Jack Ma’s company Alibaba, including charges on monopolistic practices. He was then advised to stay in China as the investigations were going on according to reports.
According to Republicworld, the moves are part of the Communist Party’s efforts to curb the influence of tech companies as they move into the financial services sector during a time when Beijing is seeking to reduce financial risks. Chinese regulators also ordered Ant Group, the world’s largest financial technology company, to rectify its businesses and comply with regulatory requirements amid increased scrutiny of anti-monopoly practices in the country’s internet sector.
Until Jack ma resurfaces, the question of where he is will be too loud for anybody to ignore.