Alibaba’s Youku Gets New Head as Ex-President ‘Assists Investigators’
Alibaba has confirmed that the outgoing president of its major video streaming site Youku is assisting authorities with a corruption investigation.
In a statement late Tuesday, a spokesperson for Alibaba Digital Media and Entertainment Business Group said the “ex-president” of Youku, Yang Weidong, was “assisting mainland authorities with an investigation into an alleged case of seeking economic benefits.”
The phrase “seeking economic benefits” is often used as a euphemism for corruption.
It was unclear who was leading the investigation.
The company announced it had appointed a new president, Fan Luyuan, who will continue to serve in his current role as chairman and CEO of Alibaba Pictures.
Chinese financial news outlet Caijing reported Tuesday that the former president had embezzled income from a Youku entertainment show set to air this year, though no source for that claim was given.
Alibaba did not confirm whether Yang himself was being investigated.
Alibaba Group Holding Ltd. completed the buyout of streaming giant Youku Tudou in April 2017 for $4.2 billion.
Contact reporter Tanner Brown (email@example.com)
Oct 18 18:20
Oct 18 18:11
Oct 18 17:26
Oct 18 17:15
Oct 18 15:26
Oct 18 13:54
Oct 18 12:57
Oct 18 12:25
Oct 18 11:40
Oct 18 01:13
Oct 17 18:09
Oct 17 16:29
Oct 17 15:22
Oct 17 13:51
Oct 17 03:15
- 1Huawei’s Harmony OS Will Compete Globally Within 2 Years, Founder Says
- 2In Unusual Move, Huawei Offers ‘No Backdoor’ Deal to India Amid Security Concerns: Report
- 3Trump Promises to Deal with Chinese Students’ Visa Woes
- 4German Wholesaler Metro Agrees to Sell China Business to Wumei
- 5Regulator Flags Risks of Concentration in Private Fund Management
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas