No businessman in China was more successful, famous, or rich than Jack Ma, the visionary behind companies like Alibaba. His entrepreneurial prowess catapulted these companies to international success. However, Ma’s stance against the Chinese authorities, refusing to engage in business with them, stirred controversy.
An investigation by The New York Times and The Wire China uncovered a clandestine web linking Ma to Xiao Jianhua, another influential Chinese businessman with ties to the country’s political elite. Through a complex network of shell companies and intermediaries, Xiao made undisclosed investments in Ma’s enterprises over a five-year period.
Currently serving a 13-year prison sentence for bribery and corruption, Xiao stands as a prominent figure in President Xi Jinping’s anti-corruption campaign. In contrast, Ma has largely retreated from the public eye, maintaining no active role in his founded companies.
Alibaba’s legal representative denied any business association between Ma and Xiao, emphasizing that the alleged connections lack factual basis. Despite this, confidential documents from Xiao’s Tomorrow Group reveal significant financial transactions with Ma’s ventures, totaling over $1 billion. Notably, there is no indication that Ma was informed of these dealings.
Key Findings from the Investigation:
- Interlinked Business Deals: Xiao’s Tomorrow Group clandestinely acquired substantial stakes in Ma’s enterprises, as evidenced by confidential documents.
- Ma’s Alleged Unawareness: No concrete proof suggests that Ma had knowledge of the financial transactions orchestrated by Xiao’s company.
