Tech billionaire Jack Ma 'missing' after criticising China in October 2020: Reports
Beijing: Over two months after Chinese Tech Billionaire and Alibaba co-founder Jack Ma gave a controversial speech in October 2020, he is yet to make a public appearance, fueling speculations of him being “missing” across social media platforms.
Jack Ma, in a speech on October 24, criticized China’s “pawnshop financial regulators and state-owned banks.” He also called for a reform of China’s regulation system for stifling business innovation and likened global banking regulations to an 'old people's club'.
Jack Ma also did not appear for the final episode of his own talent show, Africa’s Business Heroes in November and was replaced by Lucy Peng, an Alibaba executive to judge the show. An Alibaba spokesperson had told Financial Times that Jack was unable to attend the final episode of the show as a judge due to the conflict in schedule time.
"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," Ma said in the speech. According to The Wall Street Journal, officials in Beijing dressed down Ma and suspended the $37billion initial public offering of his Ant Group on the direct order of President Xi in November.
Bloomberg noted that Ma was advised to remain in China after which an anti-monopoly investigation was launched into Ma's Alibaba Group Holding on Christmas Eve. Beijing also ordered Ma's financial tech company Ant Group to scale back its operations. The anti-monopoly investigation caused Alibaba's shares to drop by a quarter since their peak shortly after the October speech, wiping more than $10billion from Ma's fortune, Daily Mail UK reported. This resulted in Jack Ma landing in third place on the list of China's richest people, behind Pinduoduo chief executive Colin Huang and Tencent Holdings' Pony Ma Huateng. Ma now has an estimated current net worth of $63.1billion, according to the Bloomberg Billionaires Index.
Reports speculate that Ma’s speech angered the Chinese government, which viewed his criticisms as an attack on the authority of the Communist Party. Ma’s business empire, Ant Group, has been under scrutiny by Beijing ever since the speech. Jack Ma was involved in charity work and has donated millions of face masks to Europe, the US, and the World Health Organisation in the backdrop of coronavirus. He also donated 2000 ventilators to New York hospitals.
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Delhi court sentences Haryana gangster Vikas Gulia, associate to life imprisonment
New Delhi (PTI): A Delhi court has sentenced Haryana gangster Vikas Gulia and his associate to life imprisonment under MCOCA provisions, but refused the death penalty saying the offences did not fall under the category of 'rarest of the rare cases'.
Additional Sessions Judge Vandana Jain sentenced Gulia and Dhirpal alias Kana to rigorous imprisonment for life under Section 3 (punishment for organised crime) of the Maharashtra Control of Organised Crime Act (MCOCA).
In an order dated December 13, the judge said, "Death sentence can only be awarded in 'rarest of the rare cases' wherein the murder is committed in an extremely inhumane, barbarous, grotesque or dastardly manner as to arouse umbrage of the community at large."
The judge said that on weighing the aggravating and mitigating circumstances, it could be concluded that the present case did not fall under the category, and so, the death penalty could not be imposed upon the convicts.
"Thus, both the convicts are sentenced to undergo rigorous imprisonment for life and to pay a fine of Rs 3 lakh each, for committing the offence under Section 3 of MCOCA," she said.
The public prosecutor, seeking the death penalty for both the accused, submitted that they were involved in several unlawful activities while they were on bail in other cases.
He argued that the accused had shown no respect for the law and acted without any fear of legal consequences, and therefore did not deserve any leniency from the court.
The court noted that both convicts were involved in offences of murder, attempt to murder, extortion, robbery, house trespass, and criminal intimidation. Besides, they had misused the liberty of interim bail granted to them by absconding.
It said, "The terror of the convicts was such that it created fear psychosis in the mind of the general public, and they lost complete faith in the law enforcement agencies and chose to accede to the illegal demands of convicts. Despite suffering losses, they could not gather the courage to depose against them."
The court noted that Gulia was involved in at least 18 criminal cases, while Dhirpal had links to 10 serious offences.
It underlined that MCOCA had been enacted "keeping in view the fact that organised crime had come up as a serious threat to society, as it knew no territorial boundaries and is fuelled by illegal wealth generated by committing the offence of extortion, contract killings, kidnapping for ransom, collection of protection money, murder, etc."
Both accused persons had been convicted on December 10 in a case registered at Najafgarh police station. The police filed a chargesheet under Section 3 (punishment for organised crime) and 4 (punishment for possessing unaccountable wealth on behalf of member of organised crime syndicate) of MCOCA.
