engine - 12:06 pm on Feb 21, 2011 (gmt 0)
Executives at Alibaba Resign Over Frauds [guardian.co.uk]
The chief executive of e-commerce group Alibaba.com has resigned after an internal investigation showed sales staff "intentionally or negligently" allowed more than 2,300 fraudsters to set up verified stores.
David Wei and chief operating officer Elvis Lee departed amid what the firm – one of China's biggest internet success stories – described as "systemic breakdown in our company's culture of integrity".
Its statement to the Hong Kong Stock Exchange stressed that Wei and Lee were not implicated in wrongdoing. But it revealed it took senior management at the online marketplace at least nine months to take action following a noticeable increase in fraud claims against verified vendors by foreign buyers from late 2009.