Sunday, May 15, 2011

Yahoo and Alibaba scrambling Online Payment Firm

Yahoo and large e-commerce company Alibaba China origin, was disputing about Alipay. Ownership of online payment firm is a struggle between the two.

Interestingly, Yahoo's own holding of shares in large quantities in Alibaba. But both are now equally issued a joint statement to address the controversy about the ownership of Alipay, which is known publicly as Alibaba's online payment service.

"Alibaba Group and its major shareholder Yahoo and Softbank Corporation, engaged and committed to conduct productive negotiations to resolve outstanding issues associated with Alipay, that is by serving the interests of all shareholders as soon as possible,"said a statement reported by AFP and quoted, Monday (16/05/2011).

Last week, Yahoo filed documents to the Securities and Exchange Commission United States that largely Alipay ownership have been transferred to a company owned by Jack Ma, Alibaba CEO.

In the document, Yahoo said that it occurred without the knowledge or consent dewad directors or the shareholders of Alibaba. Yahoo currently has a 43 percent stake in Alibaba and about 40 percent of Alipay.

Yahoo who objected, stating that the transfer of ownership done in August. But Yahoo, Softbank from Japan and other shareholders were only informed of this matter in March.

Meanwhile, Jack Ma, insisted this Alipay legal transfer of ownership and 100 percent transparent. "All the members and shareholders, including Yahoo and Softbank are very aware Alipay transfer of ownership," said Ma.

As a result of this dispute, Yahoo shares fell. This internet company lost 3.61 percent to USD 16.55 at the close of stock in the Wall Street Journal on Friday.

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