Why Great Management Is So Valuable | TENCENT HOLDINGS (HKG: 0700)
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Tencent to fire over 100 employees for corruption
Tencent Holdings Ltd has released a list of 37 organizations that have been convicted of unfair business conduct. The company also announced that it will fire more than a hundred employees for embezzlement and corruption..
Since 2019, Tencent, China’s largest social networking and video game company, has released data on forty employees suspected of bribery to authorities..
For example, in a special «shameful list» one of the leaders of the game publishing house appears, who, taking advantage of the position, received kickbacks from external sources.
Chinese tech companies have doubled the number of corruption investigations in recent years as the number of such violations skyrocketed in the wake of the country’s tech boom.
The 2018 arrest of a senior Alibaba Group Holding Ltd executive showed that the president’s decades-long anti-bribery campaign Xi Jinping, will not spare even influential top managers of the largest companies in the Middle Kingdom. Yang Weidong, president of video streaming service Alibaba Youkou, resigned before receiving seven-year prison sentence.
Since then, Chinese tech companies have provided regular updates on their anti-corruption measures and investigations..
Tencent says it does not intend to tolerate not only corruption crimes, but also violation of ethical standards within the corporation.