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China reportedly plans to impose over $1 billion fine on Ant Group

Posted On: Nov. 23, 2022 9:04 AM CST

Financial penalty

China’s central bank is reportedly planning to fine Chinese financial services company Ant Group more than $1 billion over alleged financial violations, including "disorderly expansion of capital," Money Control reported citing Reuters. The fine on Ant Group, owned by Chinese business magnate Jack Ma, could put an end to company’s two-year long regulatory overhaul.