Alibaba's head of streaming service to step down

Business | Technology 12/4/2018, 4:19 PM
Alibaba's head of streaming service to step down

Yang Weidong, Alibaba Group chief of streaming service Youku, is stepping down amid a corruption probe against him conducted by Chinese authorities, the company said on Tuesday. Alibaba stated that Yang got arrested yesterday and is currently under police investigation for allegedly taking "improper payments." He will be replaced by Fan Luyuan, head of Alibaba Pictures.

Alibaba stated that Yang "is understood to be assisting mainland authorities with an investigation into an alleged case of seeking economic benefits." The company did not provide further details on the case. Chinese corruption authority, The Central Commission for Discipline Inspection, did not issue any comments on the matter.

Alibaba shares traded 1.49% in the red at 4:03 pm CET.

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