Alibaba exec held in graft probe
Print Edition
CHINESE police have detained a senior official with Alibaba Group as part of a graft investigation at his former employer Tencent Holdings.
Liu Chunning, president of the digital entertainment business unit at Alibaba Group and also executive director of Alibaba Pictures, has been detained by police but business operations would not be affected by his detention, Alibaba said in a stock exchange filing yesterday.
Liu is one of six former or current Tencent employees who are being held by police as part of a bribery investigation following the Shenzhen-based company’s internal audit.
“(The detention of Liu) is unrelated to his employment with Alibaba Group Holding Ltd,” Alibaba Pictures said in a stock exchange filing yesterday.
“We understand that Liu Chunning has been detained by police on bribery allegations during his time at Tencent Holdings; we are extremely shocked by the news,” Alibaba Group said in a statement on its official Weibo account yesterday.
Tencent said in an e-mail statement yesterday that it found suspicious dealings in its online video business unit during an internal audit last year and reported the case to police.
Police said five former or current Tencent employees were suspected of bribery.
Police said they discovered Liu was also connected after further investigations.
“We support Tencent’s anti-corruption efforts and will provide legal aid to Liu as well as support for his family members,” Alibaba Group said.
Alibaba Group holds a majority stake in Alibaba Pictures.
Liu was the general manager of Tencent’s online video division before joining Alibaba in August 2013.
He also served as general manager of Tencent’s strategic development division and e-commerce unit Paipai.
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