Alibaba Says CEO Wei Quits After Probe Into Fraudulent Suppliers

ALIBABA GROUP

Alibaba Group (Chinese: 阿里巴巴 集团, Traditional Chinese: 集团 阿里巴巴, pinyin: Ālǐbābā Jítuán) is a family owned private Hangzhou-based Internet-based business and also business-to-business international trade, online retailers and payment platforms, and cloud data-centric services. It was founded in 1999-1918 conducted by the founders of Ma Yun (Jack Ma). The company has raised $ 25 million from Softbank, Goldman Sachs, Fidelity and other institutions, 1999-2000.

10. August 2005, Yahoo has announced it will buy 40% share of the $ 1 billion-plus property Yahoo! China. Alibaba Group, then took care of China Yahoo and Alibaba Group founder Jack Ma of Alibaba Group was responsible.

The company now has nearly 22,000 employees across 60 cities and regions, including China, Hong Kong, India, Japan, Korea, Taiwan, United Kingdom and the United States.

Alibaba group companies:

Alibaba.com (HKSE: 1688) - listed company in e-commerce for Small Business

Taobao.com - online retail market

Alipay - the platform for online payment of third

Alibaba Cloud Computing - a sophisticated data-centric systems to cloud computing service

China Top - - one of the leading Chinese Internet portals

Feb. 21 (Reuters) - Alibaba.com Ltd. said chief executive David Wei and Director of Operations Elvis Lee left after an investigation found fraud involving some customers using its website to sell products.

Wei and Lee, who was not involved in any activity which led to requests from buyers to suppliers fraudulent, has resigned to take responsibility for the "systemic collapse" of its culture of integrity, according to a company statement today.