IN FOCUS: E-COMMERCE GIANT ALIBABA FOR SALE OF FAKES
- Possible lawsuit against Alibaba.
- Inadequate disclosure and false statements.
- The SAIC reported that the company’s popular website Tabao sold less than 40% of authentic goods.
- Alibaba’s chairman Jack Ma lost his position as the country’s richest man after the value of its shares plunged by 8%.
To cut it short
Internet biggie Alibaba has a major share in generating the fast paced economic activity of China. However, recent allegations have put the company’s credibility at stake. Overcoming the negative assertions, Jack Ma vowed to cooperate with the government and closely monitor the sale of fakes.
Is it a diplomatic approach to tighten the bitter relations and strengthen communication? Well! We shall discover soon in days to come.