The public bickering over what Yahoo did or did not know about Alibaba’s decision to sell its online payment unit Alipay continued at an Alibaba.com shareholder meeting yesterday.Luisa Tam of Alizila reports CEO and chariman of the Alibaba Group, Jack Ma, told shareholders Alibaba was, “100 per cent legal and 100 per cent transparent” in its sale of Alipay.
Yahoo has been saying that it was caught off guard by Alibaba’s decision to sell Alipay.
This would be bad because, A. Yahoo has a (very valuable) 40% stake in the Alibaba Group, and B. Yahoo cofounder Jerry Yang sits on the board of both Yahoo and the Alibaba Group.
Ma shot down the idea that he was doing something shadowy with Alipay saying, “We will not do something underhanded or secretive that we have to keep from the board of directors.”
Tam also reports Ma said, “Yahoo and Softbank have always been our strategic partners … If we had not been doing everything above board, we would not be where we are today.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.