Alibaba compensated
Source: Bloomberg News |
May 14, 2011, Saturday
|
Print Edition
Print Edition
ALIBABA Group Holding Ltd yesterday said it was compensated for the spinoff of its Alipay online payment business to an external company, a transfer that biggest shareholder Yahoo! Inc said hadn't received board approval.
Alibaba was compensated for the transfer of Alipay by the new owner, Hong Kong-based Alibaba spokesman John Spelich said yesterday. He declined to disclose the compensation amount. Alibaba is now in talks with Yahoo over commercial arrangements with Alipay, he said.
A transfer of Alipay equity in August 2010 wasn't disclosed to Yahoo and Alibaba's second-biggest investor, Softbank Corp, until March 31, the US shareholder said on Thursday. Alibaba said its board, comprising members, including Yahoo co-founder Jerry Yang and Softbank President Masayoshi Son, was told in July 2009 that the majority of Alipay's shareholding was transferred to a Chinese owner。
Alibaba was compensated for the transfer of Alipay by the new owner, Hong Kong-based Alibaba spokesman John Spelich said yesterday. He declined to disclose the compensation amount. Alibaba is now in talks with Yahoo over commercial arrangements with Alipay, he said.
A transfer of Alipay equity in August 2010 wasn't disclosed to Yahoo and Alibaba's second-biggest investor, Softbank Corp, until March 31, the US shareholder said on Thursday. Alibaba said its board, comprising members, including Yahoo co-founder Jerry Yang and Softbank President Masayoshi Son, was told in July 2009 that the majority of Alipay's shareholding was transferred to a Chinese owner。
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