Top Alibaba Execs Out After Fraud Report
ADOTAS – Two top executives of Chinese Internet marketplace Alibaba are resigning after an internal investigation discovered that more than 2,300 sellers were actively committing fraud, some with the assistance of the Alibaba sales staff.
The company reported that CEO David Wei and COO Elvis Lee were not involved in the actual fraud, but the two were stepping down to take responsibility for the widespread malfeasance. Reportedly 100 members of Alibaba’s 5,000-person sales team were supplying fraudulent operators with “Gold Supplier” accreditation and assisted them with avoiding detection by internal investigators.
Alibaba rounds up the marketplace aspect of the Chinese Internet triumverate — Tencent rules social networking and Baidu is king of search. Yahoo owns 39% of the Alibaba group, a nice little moneymaker for the beleaguered portal. However, Alibaba had been trying to buy back the stake from Yahoo at a reported $8 billion to $11 billion, but talks collapsed last fall with CEO Carol Bartz claiming she had no interest in spurning the investment.
The tension between the two companies has been very public — and occasionally vulgar. Would this be a good opportunity for Yahoo to make an exit or does the company still need the revenue (although it’s likely to go down)? It’s worth noting that this is not the first time Alibaba has been accused of fraud.
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