21 Feb '11, 3pm

China's Alibaba bosses step down after fraud probe

SHANGHAI : Chinese e-commerce giant Alibaba.com said Monday its chief executive and head of operations had resigned after a probe found fraudulent suppliers had used the site to cheat buyers. David Wei and Elvis Lee resigned as chief executive officer and chief operating officer respectively, accepting responsibility for "systemic breakdowns" that allowed the fraud to happen, the company said in a statement. "The investigation confirmed that Mr Wei and Mr Lee and other members of senior management were not involved in any of the activities that led to the claims by buyers against fraudulent suppliers," the statement said. However, the board accepted that Wei and Lee had taken responsibility for the systemic breakdowns, the statement to the Hong Kong Stock Exchange said. "One of our most important values is integrity," founder and non-executive chairman Jack Ma said. "That ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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