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Following an internal investigation, Jiang will be demoted to vice president from senior vice president, with management level down from M7 to M6, and he will be deprived of the last financial year’s bonuses.
He is to be excluded from the partnership of 38 senior executives or founding members, including Founder Jack Ma, Chief Financial Officer Joe Tsai and Board Chairman Daniel Zhang, that has the final say over major business decisions and the appointment of board members.
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