Former Youku president Yang Weidong arrested on suspicion of accepting improper payments
- Yang Weidong was arrested on December 3 and is now under police investigation, Alibaba says
Alibaba Group named Fan Luyuan to lead Youku, its online video platform business, after police arrested former head Yang Weidong on suspicion of accepting improper payments.
Yang is under police investigation in China and was arrested on December 3, the Hangzhou-based company said in a statement. Alibaba is “cooperating fully with the investigation,” it said.
Alibaba owns the South China Morning Post.
In November, Fan had previously replaced Yang as rotating president of Alibaba Group’s digital media and entertainment business, which includes Youku and other businesses. Fan is also head of Alibaba Pictures.
“Alibaba Group is committed to the highest standards of business conduct in our relationships with each of our stakeholders, including our customers, business partners and shareholders,” the company said in its statement.
“We require all employees to conduct our business in accordance with all applicable laws and regulations and in accordance with the Alibaba Group Code of Business Conduct. We do not tolerate any form of unethical or unlawful conduct.”
Separately, on-demand local services company Meituan-Dianping on December 3 said that 89 Meituan-related people, including its own employees and employees from partner companies, are being investigated by the authorities for corruption.
Additional reporting by Yingzhi Yang in Beijing