By Jay Jackson, Iraq Sun
05 Dec 2018, 23:11 GMT+10
HANGZHOU, China – In an abrupt move, Alibaba has removed the president of its video streaming business Youku.
In a securities filing on Tuesday, Alibaba named Luyuan Fan as president of Youku, replacing Weidong Yang while virtually accusing him of unethical or unlawful conduct.
Yang had been with Youku in various capacities for five-and-a-half years, having joined the group in March 2013. At the time of his removal on Tuesday, the platform had 500 million active users.
It is undertstood Yang has been arrested and is under police investigation in China for alleged acceptance of improper payments. Mr. Yang was arrested by police on Monday. Alibaba Group said it is cooperating fully with the investigation.
"In November, Mr. Fan had previously replaced Mr. Yang as rotating president of Alibaba Group's digital media and entertainment business, which includes Youku and other businesses," Alibaba said in its US Securities and Exchange Commission filing Tuesday.
"Alibaba Group is committed to the highest standards of business conduct in our relationships with each of our stakeholders, including our customers, business partners and shareholders."
"We require all employees to conduct our business in accordance with all applicable laws and regulations and in accordance with the Alibaba Group Code of Business Conduct. We do not tolerate any form of unethical or unlawful conduct," said the Alibaba SEC filing.
Get a daily dose of Iraq Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iraq Sun.
More InformationDELHI, India - Dozens of people have died in a fire in a large factory in Delhi.Fire engines streamed through ...
WASHINGTON, DC - The U.S. Department of Justice last week joined with the U.S. Department of State and the United ...
I have already written a short critique of the majority ruling, and here I wish to expand some of its ...
WASHINGTON, DC - U.S. investigators are trying to determine what caused a Saudi air force pilot in the United States ...
TEHRAN (Tasnim) - China Friday said it had taken 'reciprocal' measures against US diplomats in the country, who will have ...
HYDERABAD, India - Four men accused of the rape and murder of a 27-year old woman veterinarian in Hyderabad, India ...
Florida [US], Dec 07 (ANI): The suspect in Friday's deadly shooting at a naval air station in Pensacola was a ...
WASHINGTON, DC - U.S. investigators are trying to determine what caused a Saudi air force pilot in the United States ...
Canada recently voted at the United Nations for the establishment of a Palestinian state. At the same time, Canada reiterated ...
Baghdad [Iraq], Dec 9 (ANI): Air raid siren went off near Baghdad International Airport in Iraq early on Monday morning ...
Hama [Syria], Dec 9 (Sputnik/ANI): One civilian was killed and a child was injured in rocket attacks in the Syrian ...
BEIRUT - Lebanon's leading Sunni Muslim politician, Saad al-Hariri, re-emerged as a candidate for prime minister on Sunday when businessman ...