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Alibaba suspends several staff and launches investigation followed by sexual assault allegation.

Fathmath Thaufeeq

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Chinese e-commerce company Alibaba Group Holding Ltd said on Sunday it has suspended several staff following an employee’s allegations on the company’s intranet that she was sexually assaulted by her boss and a client.

An eleven-page PDF published by the woman’s account, went on to circulate widely online, prompted a social media storm on China’s Twitter-like microblogging website Weibo. Police in the city of Jinan said on Sunday morning that they were investigating the incident.

Alibaba’s spokesperson said on the statement issued that “Alibaba Group has a zero-tolerance policy against sexual misconduct, and ensuring a safe workplace for all our employees is Alibaba’s top priority,”

“We have suspended relevant parties suspected of violating our policies and values, and have established a special internal task force to investigate the issue and support the ongoing police investigation.” Said the spokesperson.

According to the woman, who did not reveal her identity, said that incident took place while on a business trip. The woman, alleged that her boss coerced her into going on a business trip with him to meet one of her team’s clients in the city of Jinan, about 900 kilometers (560 miles) from Alibaba’s headquarters in Hangzhou.

According to the woman, on the evening of July 27, the client kissed her. After consuming alcohol, she woke up in a hotel room the following day with her clothes removed and no memory of what happened the evening before. CCTV footage she obtained from the hotel showed that her boss entered the room four times over the course of the evening, she added.

Upon returning to Hangzhou, she said she reported the incident to human resources and upper management on Aug. 2, asking her boss be fired and for time off. While human resources initially agreed, ultimately they did not follow through, she said.

Alibaba CEO Daniel Zhang responded to the uproar late on Saturday on the company’s internal message board, according to a person who saw the post, though the company did not officially disclose the material posted on its intranet . “It is not just Human Resources who should apologize. The related business department managers also hold responsibility and should apologize for their silence and failure to respond in a timely manner,” Zhang wrote.

“Starting from me, starting from management, starting from human resources, everyone at Alibaba must empathize, reflect, and take action.”

Alibaba announced on its intranet that the woman’s supervisor, her contact at human resources, and direct management of those individuals had been placed on suspension, according to the person who saw the posts.

Last month another sex scandal rocked China when Chinese-Canadian pop singer Kris Wu was publicly accused by an 18-year-old Chinese student of inducing her and other girls, some of them under the age of 18, to have intercourse with him.

The incident revived discussions of the #MeToo movement in China, and police in Beijing subsequently arrested Wu, who has denied the allegations.

Source: Channel News Asia

Business

BML announce new MVR 1-mil loan facility without collateral

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The Bank of Maldives (BML) on Monday officially announced the launch of two new home loan products; the Home Build Loan and the Home Equity Loan.

The new loan facilities have been introduced to cater to the growing customer needs for home construction and renovation, BML said.

The new Home Build Loan has been designed to allow individuals to borrow up to MVR 1 million without any additional security. The facility provides a repayment period of over 15 years, which is ideal in renovation projects or larger home construction projects across the Maldives.

The bank also, for the first time, has introduced Home Equity Loan for existing Home Loan and Financing customers. This new facility enables these customers to borrow up to the repaid amount, or the usable equity, of the primary loans. The Home Equity Loan is offered for borrowings of more than MVR 50,000 with a repayment period of 20 years.

Moosa Nimal, the Director of Retail and SME Banking said, “These products are designed to make access to finance easier for our customers across the country.”

“The new Home Build Loan does not require any additional security and will allow customers to build or renovate homes at the most competitive market rates. Our Home Equity Loan offers our existing home financing customers to access usable equity available on their property, at a low rate of just 10%.”

The newly introduced loan facilities are available for BML Islamic customers as well.

Source(s): sun.mv

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MIB signs an agreement to expedite business registration process

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Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

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MTCC reports staggering 82.9% net profit drop

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Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv

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