Founder of China dating app Momo accused of graft, theft ahead of Nasdaq IPO
A Chinese internet giant has accused a former employee of misconduct and corruption less than two days before the planned Nasdaq listing of the latter's company, scheduled for Thursday.
A Chinese internet giant has accused a former employee of misconduct and corruption less than two days before the planned Nasdaq listing of the latter's company, scheduled for today.
Tang Yan, CEO and founder of mobile dating app Momo, was accused by his former employer NetEase of stealing information and technology during his time at the firm between 2003 and 2011, "in severe violation" of the Labour Contract Law.
The statement, released by NetEase early yesterday, alleged Tang had used those "stolen" resources to build his rapidly growing dating app - which now boasts 180 million registered users.
"During his employment, Tang took advantage of his post to acquire various information and technological resources to help establish Momo," read the NetEase statement.
NetEase also claimed Tang awarded lucrative contracts to a company founded by his wife during that period.
"[He] delivered commercial benefits that are worth over a million yuan [HK$1.26 million] to a Beijing advertising company founded by his wife, Zhang Sichuan - conduct that gave rise to suspicion of non-governmental corruption," the firm said.