China Mobile Ltd (中國移動), the world’s biggest telephone company by subscribers, said yesterday its deputy chairman was under investigation for unspecified offenses, adding to a string of scandals at major Chinese state-owned companies.
Zhang Chunjiang (張春江) is being investigated “due to suspected serious personal violations,” the company said in a statement issued through the Hong Kong stock exchange, where its shares are traded.
It said he was being investigated by “relevant authorities,” but gave no other details. China Mobile’s press office did not immediately respond to requests by phone and e-mail for more information.
A series of executives at major state-owned companies have been targeted for investigation over corruption and other offenses that are fueling public anger. Thousands of government and Chinese Communist Party figures are punished every year for corruption and some are executed, but authorities have given no indication that the problem is abating.
SINOPEC
In July, the former chairman of Sinopec Corp (中國石化), China’s second-biggest oil company, was convicted of taking 196 million yuan (US$29 million) in bribes. The following month, the former boss of the company that runs airports in Beijing and other Chinese cities was put to death for taking bribes.
Zhang is secretary of the party committee for China Mobile’s parent company, which gives him greater influence over the company than his corporate post. Such committees can dictate overall strategy for state-owned companies.
Zhang joined China Mobile in May last year after serving as chairman of China Netcom Ltd (中國網通), a fixed-line carrier that was merged with another phone company in an industry overhaul last year. He is also a former director of the telecoms department of the Chinese ministry that oversees the industry.
China Mobile reported a profit of 83.9 billion yuan (US$12.3 billion) for the first nine months of this year, but said earnings growth was slowing because of competition. The company said it has 518 million mobile accounts.
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