Head of Alibaba’s online video site is arrested in China
Yang Weidong, the head of Alibaba’s video streaming platform has been arrested in China.
Weidong was arrested on Monday on suspicion of accepting improper payments, Alibaba revealed in a statement.
He is now under police investigation and has been removed from his position as president of the video site Youku, according to a statement Alibaba filed with the US Securities and Exchange Commission on Tuesday.
The statement reads in part:
Alibaba Group is committed to the highest standards of business conduct. We do not tolerate any form of unethical or unlawful conduct.