INTERNET GIANT CEO RESIGNS AFTER FRAUD

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STORY: INTERNET GIANT CEO RESIGNS AFTER FRAUD DATELINE: Feb. 22, 2011 LENGTH: 0:01:30 LOCATION: Beijing INTRO Chinese e-commerce giant Alibaba's CEO and its chief operating officer have resigned after a probe found many suppliers had defrauded customers. Economy Report has the details of the case that has rocked the largest online company in China. PKG Alibaba confirmed David Wei and Elvis Lee resigned as CEO and COO respectively after more than 1,000 of Alibaba's suppliers were caught using the site to cheat buyers in 2010. According to the notice, Alibaba launched an investigation more than a month ago, which showed about 1,200 suppliers in 2009 and 1,100 suppliers in 2010 had acted fraudulently. Their accounts have been closed and judicial investigations have started. In addition, the statement said nearly 100 sales representatives of the company had allegedly collaborated with or failed to properly assess the defrauding suppliers. They have been fired or received other pena Powered by www.newslook.com Producer : Xinhua News Agency

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