China: Alibaba CEO, COO Resign After Fraud Probe

ELAINE KURTENBACH   02/21/11 05:52 AM 

SHANGHAI — Chinese e-commerce giant Alibaba says two of its top executives are resigning to take responsibility after a probe discovered more than 2,000 suppliers had defrauded customers, sometimes with the alleged collusion of its sales staff.
Alibaba said in a notice Monday to the Hong Kong Stock Exchange that its chief executive and chief operating officers, who were not implicated by the investigation, were resigning to take responsibility for the company's "breakdown in integrity."