China Mobile Ltd (中國移動), the world’s biggest phone company by subscribers, said yesterday it dismissed its vice chairman, who a business magazine reported is being investigated for misconduct when he worked for another carrier.
Zhang Chunjiang (張春江), a prominent figure in China’s state-owned telecoms industry, was fired as an executive of China Mobile’s parent company and as secretary of its Communist Party committee, state media reported.
Zhang was removed — effective on Thursday — as China Mobile’s deputy chairman, the company said in a statement through the Hong Kong stock exchange.
It cited “alleged serious financial irregularities” and gave no details. But China’s most prominent business magazine, Caijing, said he was suspected of hiding losses at another state-owned phone company where he was chairman before he joined China Mobile in 2008.
A top anti-corruption official said on Thursday investigators would look closely at executives at state-owned enterprises (SOEs) this year after dozens of managers were implicated in misconduct last year, state media said.
Chronic corruption is fueling public anger that communist leaders have warned could erode the party’s grip on power. Thousands of government and party figures are punished every year for corruption, and some are executed, but authorities have given no indication whether the problem is abating.
“We will push ahead with investigations and try to curb corruption in SOEs,” the deputy minister of supervision, Qu Wanxiang (屈萬祥), the China Daily newspaper reported.
He said investigators would look at restructuring, mergers and acquisitions, real estate dealings and construction projects.
Zhang, a former chairman of China Netcom Ltd (中國網通), is suspected of concealing losses ahead of a 2008 merger with rival China Unicom Ltd (中國聯通) in hopes of becoming boss of the combined entity, Caijing said.
It said Netcom reported 2003 losses of 11.1 billion yuan (US$1.3 billion at that time), while auditors later found losses of up to 20 billion yuan.
China Mobile says it has 518 million mobile accounts.
Among many similar cases in China, the former chairman of Sinopec Ltd (中國石化), the country’s second-biggest oil company, was convicted in July of taking 196 million yuan (US$29 million) in bribes and received a suspended death sentence.
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.
The former general manager of the China National Nuclear Corp (中國核能總公司), a major power plant builder and operator, has been under investigation for unspecified violations since August, the government’s Xinhua news agency has reported.
The Fair Trade Commission’s (FTC) ongoing review of Grab Holdings Ltd’s US$600 million acquisition of Foodpanda Taiwan’s operations, announced on March 23, has taken on fresh urgency as industry experts warn that the transaction could embed significant Chinese cybersecurity vulnerabilities into Taiwan’s digital infrastructure through Grab’s deep ties to autonomous-driving firm WeRide (文遠知行). Less than 16 months after the FTC blocked Uber Eats’ direct attempt to acquire Foodpanda Taiwan — citing potential combined market shares of 80 to 90 percent — the emergence of Grab as the buyer has prompted questions about whether the same competitive harm is simply being rerouted
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The nation’s foreign exchange reserves climbed back above US$600 billion at the end of last month, as investment gains, currency valuation effects and renewed foreign inflows offset volatility seen earlier in the month, the central bank said yesterday. Reserves stood at US$602.49 billion, up US$5.6 billion from the previous month, the central bank said. The rebound reflected returns on reserve assets, fluctuations in major currencies against the US dollar and the central bank’s market operations aimed at maintaining orderly trading conditions, Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民) said. Financial markets were volatile early last month, with foreign investors recording net purchases
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