CHINA TOPIX

05/01/2024 09:27:46 am

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Another Chinese Businessman is Being Investigated for Corruption

Another Chinese executive is being investigated for corruption as Beijing steps up its crackdown.

(Photo : REUTERS/Bobby Yip) Another Chinese executive is being investigated for corruption as Beijing steps up its crackdown.

More Chinese executives are being investigated for corruption at the height of Beijing's anti-corruption drive. The head of one of China's largest state-owned mobile company, China Telecom, is the latest to be taken into detention.

Chang Xiaobing was reported missing by the local media on Sunday, but a statement on the Central Commission for Discipline Inspection website confirmed that the missing Chairman is currently in the custody of the police for questioning.

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Chang is the latest in a long list  of Chinese executives embroiled in China's relentless crackdown on corruption.

Chang is "suspected of serious violation of discipline" based on the statement posted on the government's inspection website.

The statement provided only scanty  details about the ongoing investigation of Chang except to say that the executive was formerly the head of the second largest mobile operator in the country, China Unicom.

Chang assumed the executive position in China Telecom in August last year. There were reports that the government was planning to merge China's two telecom giants, but the plan did not not push through.

58-year-old Chang is the latest executive to be investigated by China's anti-corruption watchdog following Fosun International Chairman Guo Guangchang's disappearance this month. Authorities later announced that he was being investigated.

Guo reappeared days later and said he was helping out Chinese authorities to nail down erring  private company officials.

China's anti-corruption watchdog has gone beyond investigating state firms and has also subjected executives of large private conglomerates to questioning.

Observers say the investigation of several high-level executives of both state firms and private corporations shows that China is serious about tackling corruption.

In 2014 alone, around 71 senior officials of state-owned firms were investigated resulting in the downfall of some officials and the incarceration of others.

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