World Economy

Alibaba Membership Suspended

Alibaba Membership SuspendedAlibaba Membership Suspended

An anti-counterfeiting group said it was suspending Alibaba Group Holding Inc’s membership following concerns raised by some of its member companies, CNBC reported. The International Anti-Counterfeiting Coalition statement follows an AP report that the group’s president, Robert Barchiesi, had stock in Alibaba and that he used family members to help run the coalition. The group told its members that it failed to inform the board about conflicts of interest involving Barchiesi. In a letter sent to its members, IACC said conflicts were not disclosed to the board “because of a weakness in our corporate governance procedures.”