China’s Alibaba Pictures removes senior board director ensnared in graft investigation as large deals loom
Reshuffle sees president, COO named board members as company on verge of landmark deals including rumoured purchase of Paramount stake
Alibaba Pictures, the entertainment subsidiary of e-commerce giant Alibaba Group, has ousted Patrick Liu Chunning from its board of directors, more than six months after the executive was detained by Chinese authorities for alleged corruption while still employed by Tencent Holdings.
Liu, who also served as president of Alibaba’s digital entertainment unit, was removed pursuant to Ali Pictures’ articles of association, the company said on Thursday.
In a filing with the Hong Kong stock exchange, Ali Pictures chairman Shao Xiaofeng pointed out that the company has been unable to contact Liu.
It announced in July 9 that Liu was detained by China’s Public Security Bureau over “an investigation into alleged receipt of bribes during his employment with Tencent”.
Shao said Liu has not reported for his duties as a company director, and “failed to attend any board meetings and general meetings of the company for a consecutive period of more than six months since June 11, 2015 without special leave of absence from the board”.