Path: Sino-US >> Latest News >>
The head of Alibaba's online video site has been arrested in China

The head of Alibaba's video streaming platform has been arrested in China on suspicion of accepting improper payments, the e-commerce company says.

Yang Weidong is now under police investigation and has been removed from his position as president of the video site Youku, according to a statement Alibaba filed with the US Securities and Exchange Commission on Tuesday.

"Alibaba Group is committed to the highest standards of business conduct," the statement said. "We do not tolerate any form of unethical or unlawful conduct."

CNN wasn't immediately able to reach Yang for comment.

The Alibaba statement didn't provide any details on what Yang, who was arrested Monday, is alleged to have done. An Alibaba spokeswoman declined to comment beyond the company's SEC filing.

Police in Beijing and Hangzhou, the city where Alibaba is based, weren't immediately available for comment Wednesday.

The arrest comes as Alibaba is in the middle of a massive leadership transition. Founder Jack Ma announced in September that he is stepping down from his role as executive chairman next year, handing over the reins to CEO Daniel Zhang.

Immediately after Yang's arrest, Alibaba named Fan Luyuan as the new head of Youku. Fan had already replaced Yang last month as rotating president of the company's digital media and entertainment division, which includes Youku and other businesses.

Alibaba's digital media and entertainment unit posted a loss of 3.8 billion yuan ($554 million) last quarter.
Alibaba bought Youku for $3.6 billion in 2015. Its main rivals are the video services owned by two of China's other top tech companies, Tencent and Baidu.


Related Stories
Share this page
Touched Sympathetic Bored Angry Amused Sad Happy No comment
Column Map

George H. W. Bush: An old friend of Chinese peopleForeign scientist lauds China's scientific research progressWhite House keeps contradicting itself on US-China trade negotiationsGionee on verge of bankruptcy as its founder admits to losing 1 billion yuan in gamblingFentanyl rises to fame in China overnight after Xi-Trump agreement over its banKudlow says progress in US-China trade will happen 'very quickly'Tencent Music: Chinese firm to raise $1.2bn in New York listingUS trade envoy Robert Lighthizer to lead US-China trade talksHNA Group to offload more non-core assetsTrump says China has agreed to reduce, remove tariffs on cars
< Prev Next >