Wednesday, November 30, 2022

    Latest Posts founder Richard Liu has settles civil suit founder Richard Liu has settled the civil suit brought against him by a former University of Michigan student who accused him of rape.

    The civil suit resulted from an incident in 2018 that saw Liu arrested and cleared of felony rape charges after US prosecutors cited insufficient evidence.

    The civil suit was settled less than 48 hours before a trial was set to commence, with a joint statement claiming “the incident” was a “misunderstanding”.

    Liu is regarded as one of China’s most powerful businessmen after founding in 1998 and growing it into one of the country’s biggest e-commerce platforms.

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    The e-commerce giant suffered more than $10bn losses in market value following his arrest.

    Liu stepped down as CEO of in April and was replaced by the company’s president Xu Lei. Liu also resigned from the Chinese People’s Political Consultative Conference at the same time.

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