 |
| China Mobile has 580 million mobile subscribers |
The detention of a senior China Mobile Ltd executive by China's anti corruption authorities in March led to an investigation into more than 60 people, the official Xinhua news agency reported on 1st June.
Deputy general manager of China Mobile's data services division, Ma Li, provided information after being detained, leading to a probe into the whereabouts of up to 350 million yuan (US$54 million) of 'illegal money'.
Authorities launched an investigation into China's top three telecommunications companies: China Mobile, China Unicom and China Telecom. Exactly what the alleged corruption entailed was not made clear in the Xinhua report.
The probe is set to widen and senior management at all three companies have been asked to surrender their passports to the authorities. According to the Beijing Morning Post, every middle-level manager and above will be investigated.
The telecommunications industry in China is thought to be one of the most lucrative sectors in the country, and is no stranger to corruption allegations.
In December 2009, then vice chairman of China Mobile, Zhang Chunjiang, was removed from his post on allegations of corruption. It was found that he abused his position by taking bribes.
A total of seven senior managers from China Mobile have been arrested since 2009.
China Mobile is the world's biggest largest mobile operator by market value and it is the second most profitable company in China.
Chinese media reports suggest that the government will overhaul leadership at the major telecommuniations companies, although this has not been confirmed.
According to Bloomberg, Caijing magazine reported on 31st May that Xi Guohou, vice minister at the Ministry of Industry and Information Technology will replace Wang Jianzhou as chairman at China Mobile.
China Unicom's Chairman Chang Xiaobing will become chairman of China Telecom, being replaced at China Unicom by its current president, Lu Yimin.
Current China Telecom chairman Wang Xiaochu will become governor of Yunnan province, according to reports.
Data service provider companies associated with the three major telecom companies are also being investigatied. Ye Bing, CEO of ASPire Holdings, a subsidiary of China Mobile, has been under investigation since mid-May.
Sources: Bloomberg, C114, Reuters, Xinhua
For more information, please see the Menas ACCS website, here.
For more information, please see the Menas ACCS website, here.
This is pretty foolish, if you ask me. But you don't, so..
ReplyDelete___
call Nepal