Alibaba.com CEO resigns after e-commerce giant revealed how suppliers defrauded its customers. CEO David Wei said his resignation was a necessary one, even though it might cause shock. But analysts say his abrupt departure only raises further questions about what is really going on in China. Alibaba has already shut down the virtual storefronts of the suppliers. The company has paid US$1.7 million to 2,249 customers who were victims of the fraud. The CEO Wei had been at Alibaba since 2006 and led a company expansion strategy to help small online business in the U.S.”]
Source: https://www.csoonline.com/article/2127201/alibaba-tries-to-restore-confidence-amid-fraud-case.html