Baidu’s Vice President Li Mingyuan or Eric Li handed in his resignation letter after allegations of improper financial dealings surfaced. The news was circulated in a staff memo by Baidu’s ethics committee on Nov. 4.

The allegations range from large financial transactions with the member of a company that was acquired by Baidu, a deal that Li was involved with, to improper financial dealings with partnering gaming firms of the Baidu division that Li was managing. Li was also accused of not disclosing his stake in several gaming companies with businesses relating to Baidu.

According to the leaked staff memo, Eric Li has breached the Baidu Prevention of Conflicts of Interest Code and other ethics standards. He admitted wrongdoing and promptly handed in his resignation letter but denied that he was involved in bribery.

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Linda Lew

Linda Lew is a Beijing-based journalist who covers technology, start-ups and business in China. You can reach her at lindalew at aliyun dot com.