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Youku chief under police investigation

Alibaba said the head of its video streaming unit Youku is under investigation for economic issues. 
Youku chief under police investigation

Yang Weidong, chief of Chinese video platform Youku Tudou, attends a press conference for Youku 2018 FIFA World Cup in Beijing, China, on June 10, 2018.

ALIBABA said yesterday the head of its video streaming unit Youku is under police investigation for economic issues.

Yang Weidong joined Youku in 2013 and had risen through the ranks at the online video service over the years, which Alibaba fully acquired in 2016.

Alibaba didn’t reveal any other details about the investigation into Yang’s alleged misconducts.

“We have zero tolerance over corruption,” it said.

The e-commerce giant has seen online streaming as a vital part of its digital entertainment business.

Alibaba Pictures Chairman and Chief Executive Officer Fan Luyuan will head Youku’s operations temporarily.

Caijing yesterday quoted an unnamed source that Yang is probably under investigation over unscrupulous behavior related to variety shows produced and aired this year.

Internet companies have voluntarily been carrying out anti-corruption campaigns as part of their efforts to ensure transparent and stable governance.

Also yesterday, Hong Kong-listed lifestyle services group Meituan Dianping said an internal anti-graft probe had found a senior director of its food delivery business has had unscrupulous economic dealings with external business associates. He has been removed from his position.

It has looked into 29 criminal cases since February this year and 16 employees were found to have been corrupt.

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