Shanghai authorities have detained 22 company executives, some working for major multinationals such as McDonald's and Whirlpool, in connection with a bribery investigation, local reports said yesterday, citing a police notice.
The probe comes amid a wider crackdown on economic crimes and a city-wide probe into corruption allegations against top city leaders that resulted in the ouster of Shanghai's Communist Party secretary, Chen Liangyu (陳良宇).
The police notice was sent to local media by the Shanghai General Team of Economic Investigation and reported in several state-run newspapers including the Shanghai Youth Daily and Xinmin Evening News.
Bribes
It said local computer network operators allegedly gave bribes worth 4 million yuan (US$514,000) to seven companies in return for equipment orders.
The reports did not name the suspects, but said those accused of taking bribes headed the information technology departments at the local offices of US consulting firm McKinsey & Co, Swiss engineering firm ABB Ltd and US appliances maker Whirlpool Corp, among other companies.
Police would not immediately comment on the report and requested questions in writing.
A McDonald's Corp spokeswoman said she was checking into the report. Staff at ABB's headquarters in Beijing also had no immediate comment. A phone operator at Whirlpool's Shanghai office said the company would not accept any interviews.
Response
McKinsey issued a statement saying "we are not aware of any information other than that printed in the press. McKinsey has not in any way been accused of any bribery or corruption."
Staff at McKinsey's Shanghai office declined further comment.
The reports in the media provided only false names for the suspects detained. They said that investigators had recovered 944,400 yuan of the money allegedly offered as bribes.
According to the state-run newspaper Shanghai Daily, investigators were tipped off by an anonymous caller claiming that a manager at a local computer company had allegedly bribed two information technology staffers at McKinsey's Shanghai office.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest foundry service provider, yesterday said that global semiconductor revenue is projected to hit US$1.5 trillion in 2030, after the figure exceeds US$1 trillion this year, as artificial intelligence (AI) demand boosts consumption of token and compute power. “We are still at the beginning of the AI revolution, but we already see a significant impact across the whole semiconductor ecosystem,” TSMC deputy cochief operating officer Kevin Zhang (張曉強) said at the company’s annual technology symposium in Hsinchu City. “It is fair to say that in the past decade, smartphones and other mobile devices were
US-CHINA SUMMIT: MOFA welcomed US reassurance of no change in its Taiwan policy; Trump said he did not comment when Xi talked of opposing independence US President Donald Trump yesterday said he has not made a decision on whether to move forward with a major arms package for Taiwan after hearing concerns about it from Chinese President Xi Jinping (習近平). Trump’s comments on Taiwan came as he flew back to Washington after wrapping up critical talks in which both leaders said important progress was made in stabilizing US-China relations even as deep differences persist between the world’s two biggest powers on Iran and Taiwan. “I will make a determination,” Trump said, adding: “I’ll be making decisions. But, you know, I think the last thing we need right
TAIWAN ISSUE: US treasury secretary Scott Bessent said on the first day of meetings that ‘it wouldn’t be a US-China summit without the Taiwan issue coming up’ There were no surprises on the first day of the summit between US President Donald Trump and Chinese President Xi Jinping (習近平), the Mainland Affairs Council (MAC) said yesterday, as the government reiterated that cross-strait stability is crucial to the Asia-Pacific region, as well as the world. As the two presidents met for a highly anticipated summit yesterday, Chinese state media reported that Xi warned Trump that missteps regarding Taiwan could push their two countries into “conflict.” Trump arrived in China with accolades for his host, calling Xi a “great leader” and “friend,” and extending an invitation to visit the White House
SECURITY: Taipei presses the US for arms supplies, saying the arms sales are not only a reflection of the US security commitment to Taiwan but also serve as a mutual deterrent against regional threats Taiwan is committed to preserving the cross-strait “status quo” and contributing to regional peace and stability, the Presidential Office said yesterday. “It is an undeniable fact that the Republic of China is a sovereign and independent democratic nation,” Presidential Office spokeswoman Karen Kuo (郭雅慧) reiterated, adding that Beijing has no right to claim sovereignty over Taiwan. The statements came after US President Donald Trump warned against Taiwanese independence. Trump wrapped up a state visit to Beijing on Friday, during which Chinese President Xi Jinping (習近平) had pressed him not to support Taiwan. Taiwan depends heavily on US security backing to deter China from carrying