China’s Tencent fires 70 staff, blacklists 13 firms in anti-graft campaign -Breaking
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SHANGHAI, (Reuters) – Tencent Holdings(OTC:), China’s largest social media and gaming company, announced Tuesday that it has fired almost 70 employees over bribery-embezzlement incidents in the past year. It also named 13 other companies to which it was blacklisting from any future contracts.
Tencent stated in a post on social media that it also reported over 10 individuals to the authorities for their acts.
In recent years, the Chinese government intensified its crackdown on corruption. As tech companies’ valuations have skyrocketed following China’s tech boom, they have intensified their investigation into any irregularities.
Tencent launched its anti-graft campaign on January 2019 and reports regularly the results.
Tencent revealed that one instance in 2021 involved an employee of its digital music section asking and getting favors from its suppliers. The company also said that another case involved a former employee of its digital music department who made a profit by using the company he controlled in order to sign a Tencent deal.
Beijing has retaken control of its internet sector by imposing a broad regulatory crackdown. Last week, Beijing stated that it will investigate and prosecute any corruption behind the internet platform monopolies.
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