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NYTimesAlibaba.com, a fast-growing Chinese electronic commerce site that is partly owned by Yahoo, said Monday that its chief executive and chief operating officer had resigned after an internal investigation into fraud at the company.
In a statement released late Monday, Alibaba said that its longtime chief executive, David Wei, and the chief operating officer, Elvis Lee, had not been involved in the fraud but that they had resigned after accepting responsibility for failing to stop it.
The company said the fraud had been small and would not affect its financial performance. But the announcement stunned the technology community in China because Mr. Wei was one of the country’s most prominent chief executives and Alibaba.com was one of the most successful Chinese Internet start-ups.
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http://www.nytimes.com/2011/02/22/business/global/22alibaba.html?_r=1&smid=tw-nytimes&seid=auto