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    Students erect shacks at CPUT over accommodation woes
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    Students erect shacks at CPUT over accommodation woes

    Senior official from medical schemes council suspended over misconduct allegations
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    Senior official from medical schemes council suspended over misconduct allegations

    Fines issuing, demerit system to be implemented under new Aarto Bill
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    Fines issuing, demerit system to be implemented under new Aarto Bill

    #FakeNewsAlert: Police say no one has been arrested for dumping baby in drain
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    #FakeNewsAlert: Police say no one has been arrested for dumping baby in drain

  • World

    World

    This awesome, life-size Lego F1 racer sold for R1-million!
    • 2019-02-13 12:04:56 PM
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    This awesome, life-size Lego F1 racer sold for R1-million!

    5 members of Texas family, including baby, fatally shot
    • 2019-02-12 08:32:54 PM
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    5 members of Texas family, including baby, fatally shot

    Man who robbed bank slips and spills cash in front of cop
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    Man who robbed bank slips and spills cash in front of cop

    Mexican drug lord 'El Chapo' found guilty by NY jury
    • 2019-02-12 08:21:13 PM
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    Mexican drug lord 'El Chapo' found guilty by NY jury

  • Business

    Business

    Aton's takeover bid for Murray & Roberts is 'likely to succeed'
    • 2019-02-14 11:36:01 AM
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    #TipsForTito: Mboweni needs to clamp down on illegal cigarette trade
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    #TipsForTito: Mboweni needs to clamp down on illegal cigarette trade

    Helical Capital Partners launches an equity fund
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    Helical Capital Partners launches an equity fund

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    Dr Survé publicly speaks on AYO, PIC in live interview

  • Technology

    Technology

    Microsoft seeks to restrict abuse of its facial recognition AI
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    Microsoft seeks to restrict abuse of its facial recognition AI

  • Sport

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    • 2019-02-12 06:43:05 PM
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    England prop Mako Vunipola out of Six Nations with ankle injury

    Heavy rain sees Black Leopards, Wits cup clash called off
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    Heavy rain sees Black Leopards, Wits cup clash called off

    Cardiff City boss: We will pay Nantes for Sala if we are contractually obliged to
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    Cardiff City boss: We will pay Nantes for Sala if we are contractually obliged to

  • Entertainment

    Entertainment

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    Review: Netflix's 'The Umbrella Academy'
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    Review: Netflix's 'The Umbrella Academy'

  • Politics

    Politics

    Pravin Gordhan concedes Eskom is facing massive problems
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    Moyane to meet lawyers to plot next move after ConCourt ruling on Sars job
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    Eskom will cease to exist without government bailout, MPs hear
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  • Opinion

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    Communities, mining corporations and corruption in South Africa
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    Joe Root's 12 words send a powerful message that homophobia is not okay
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    Why chaos, violence continues in Nigeria's Kaduna state
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    Video

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    Karan Johar, Smriti Irani, Abhishek Bachchan at Ekta Kapoor's son's naming ceremony
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Business

http://www.safrica24.com/business/chief-at-alibaba-video-site-youku-steps-down-amid-corruption-probe/136335-news
Chief at Alibaba video site Youku steps down amid corruption probe
  • 2018-12-04 04:32:04 PM
  • 6

Chief at Alibaba video site Youku steps down amid corruption probe

INTERNATIONAL - The president of Alibaba Group Holding Ltd’s video streaming service, Youku, has stepped down and is believed to be talking to Chinese authorities as part of a potential corruption case, the company said on Tuesday.

The abrupt departure comes amid a wider reshuffle of Alibaba executives as the company shores up its leadership following the announcement by chairman Jack Ma that he will retire next year.

Yang Weidong, who has been at Youku for roughly five years, joined the firm before it was fully acquired by Alibaba in 2015. He previously worked at Chinese computer maker Lenovo Group Ltd.

“(Yang) is understood to be assisting Mainland authorities with an investigation into an alleged case of seeking economic benefits,” said a spokeswoman for Alibaba’s Digital Media and Entertainment business.

The company declined to give details on Yang’s connection to the case, to say when he left the company, or which authorities might be talking to him. Yang could not immediately be reached for comment.

The Central Commission for Discipline Inspection (CCDI), China’s corruption watchdog, was not immediately available to comment after hours on Tuesday.

Fan Luyuan, the current chief executive and chairman of film unit Alibaba Pictures, has taken over Yang’s role, the company said.

Alibaba has been investing heavily in its digital media and entertainment business amid fierce competition from competitors including Baidu Inc service iQiyi.

The unit, which oversees Youku as well as the Alibaba’s film and ticketing businesses, has pledged to invest $7.2 billion in the three years leading up to 2020.

Yang’s abrupt replacement also comes amid a wider crackdown on corruption and tax evasion by authorities, targeting China’s film industry.

The cleanup was triggered after A-list actor Fan Bingbing, who has appeared in “X-Men” and “Iron Man’ film franchises, was accused of tax evasion and subsequently disappeared from public life for several weeks earlier this year.

Fan has since been ordered to pay 884 million yuan ($129 million) in overdue taxes and fines, state media said in October. Fan publicly accepted the punishment and apologized to her fans in a social media posting.

Reuters
  • Chief at Alibaba video site Youku steps down amid corruption probe
  • Chief at Alibaba video site Youku steps down amid corruption probe
  • Chief at Alibaba video site Youku steps down amid corruption probe

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