Anti Counterfeiting Coalition suspends Alibaba
The International Anti Counterfeiting Coalition, which is a leading anti-counterfeit group, has suspended the membership of Alibaba Group Holding Ltd.
The Chinese online trading giant was suspected just a month after it was allowed to join the group over concerns about conflicts of interest involving the coalition's president and complaints from some of the members of the group.
The nonprofit global organization, which is is aimed at fighting counterfeit products and piracy, had created a new membership category in April allowing the Chinese internet giant to join the group. The Chinese firm is aiming to change its image of being a portal for cheap brand knockoffs. However, some members were critical of the company joining the group and they said that the company is not taking adequate steps to stop counterfeit products from its online marketplace.
The group admitted that the conflicts of interest involving President Bob Barchiesi were not reported to the directors because of "weakness in our corporate governance procedures." A letter from the IACC board said that it is putting the new membership classification on hold to allow more discussion and consideration.
Under the new category, two others including Wish.com and The RealReal were also suspended by the group.
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