Alibaba Founder Jack Ma Says Probe Helps Company to be Understood
Phenny Lynn Palec | | Jul 11, 2016 06:20 PM EDT |
(Photo : Reuters) Jack Ma says he is not scared of Alibaba being sued.
Alibaba founder and chief executive officer Jack Ma stands resilient amidst the trove of controversy his company is in. Ma is, in fact, encouraging lawsuits and investigators which he sees as good opportunities for his company to be better understood.
Earlier this year, the United States Securities and Exchange Commission launched a probe to determine whether the Chinese tech giant's accounting practices have violated federal laws, according to Fortune. There are several entities questioning Alibaba's growth rate, with some accusing the company of manipulating some laws to get a better deal.
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In an interview with Reuters, Ma said, "If you want to sue us, sue us. It's an opportunity for us to let them understand what we're doing."
Ma said that his company had complied with the requests of the Securities and Exchange Commission, but he added that he does not know when the agency will file a report of its findings.
In the meantime, Ma is devoting most of its time to his efforts in the nonprofit world. Over the weekend, he attended a two-day philanthropy conference that Alibaba Foundation hosted. Back in 2014, Ma along with Alibaba co-founder Joe Tsai pledged about $3 billion worth of share options to the Alibaba Foundation, an effort that still stands as the biggest donation in Chinese history.
Dealgate and Internet Retailer estimates that the Alibaba has spent somewhere around $30 billion to $40 billion on at least 100 acquisitions and investments. Based on the 2015 Forbes Rich List, Ma has a net worth of $21.8 billion.
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