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Wednesday, 19 Sep 2018

China is Unhappy about How Trump Denied Jack Ma

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Jack MaJack Ma

News24xx.com - Failure Ant Financial Service Group, a company owned by Jack Ma in the acquisition of United States MoneyGram company seems a long tail. Donald Trump's foiled transactions made the Chinese government unhappy.

Editorial of China's state-run Xinhua news agency criticized the US government for acting economically aggressively against China. They also predict trade relations with the US in 2018 will not run smoothly.

"China and the United States will face a surging journey in trade in 2018 if the US is stirring in their own way and countermeasures from China could be done," said Xinhua quoted from Business Insider.

Ant Financial itself is under the umbrella of Alibaba, the Chinese e-commerce giant. So reasonable if the rejection of the acquisition does not seem well received by the Bamboo Curtain country.

As reported previously, Ant Financial last year has actually agreed to pour money of USD 1.2 billion or in the range of Rp 16.1 trillion to buy MoneyGram. MoneyGram is known to operate in 200 countries.

MoneyGram CEO Alex Holmes said his company failed to get approval from the Committee on Foreign Investment, the regulator authorized to handle the acquisition. The reason is related to national security
where MoneyGram data is feared used to spy on US citizens.

Jack looks familiar with Trump, even last year Jack promised to create millions of jobs in the US Alibaba expansion. Trump also praised Ma's great entrepreneur. But the Trump Administration seems now very cautious with investment from China.

"Geopolitical conditions have changed since we announced the transaction proposal from Ant Financial almost a year ago," Holmes said.

"Although we have done our best to cooperate cooperatively with the US government, it becomes clear now that this merger will not be approved," he concluded.***

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