As per the statement from Softbank chairman Masayoshi Son, he expects to reach an agreement over the Alipay dispute soon, without elaborating, as he spoke at an energy forum yesterday in Seoul, South Korea.
In May 2011 Jack (Chairman Ma Alibaba Group) had transferred the group's payment company Alipay to a new entity under his control. Softbank and Yahoo! Inc, Alibaba's two biggest shareholders, demanded reasonable compensation for the loss of Alipay.
The dispute was raised in the central bank when new licensing system for non-financial third-party payment service providers was announced.
The People's Bank of China, said applicants must be domestically owned corporations with registration capital of at least 100 million yuan, according to an announcement in June 2010.
Companies with overseas investors were required to apply to the State Council for a license. Ma sold Alipay to Zhejiang Alibaba E-commerce Co, a private company controlled by himself and Xie Shihuang, another co-founder of Alibaba Group, for 330 million yuan. The transaction was completed last August.
Ma has insisted Alibaba board members were aware of the transaction and had agreed to the transfer.
Softbank currently owns about a 30% shares of Alibaba while Yahoo owns about 40%.
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