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China Telecom boss Chang Xiaobing quits amid corruption crackdown China Telecom boss Chang Xiaobing quits amid corruption crackdown
(33 minutes later)
The boss of one of China’s biggest companies has become the latest victim of President Xi Jinping’s crackdown on corruption. The boss of one of China’s biggest companies has become the latest target of President Xi Jinping’s crackdown on corruption.
Chang Xiaobing quit as chairman and chief executive of China Telecom in the wake of his detention by Beijing authorities this week for “severe disciplinary violations”. Chang Xiaobing quit as chairman and chief executive of China Telecom after his detention by Beijing authorities this week for “severe disciplinary violations”.
The state-owned company said in a statement to the Hong Kong stock exchange that he had quit “in relation to the investigation”. The state-owned company told the Hong Kong stock exchange Chang had quit in relation to the investigation.
“The board of directors hereby announces that Mr Chang Xiaobing has resigned from his positions as the executive director, chairman and chief executive officer of the company, with effect from 30 December 2015,” the statement said. “The board of directors hereby announces that Mr Chang Xiaobing has resigned from his positions as the executive director, chairman and chief executive officer of the company, with effect from 30 December 2015,” it said.
“Mr Chang has confirmed that he has no disagreement with the board and there is no other matter in relation to his resignation that should be brought to the attention of the shareholders of the company.”“Mr Chang has confirmed that he has no disagreement with the board and there is no other matter in relation to his resignation that should be brought to the attention of the shareholders of the company.”
A succession of business figures have been detained in recent months as Xi’s bid to root out corruption has intensified. A succession of business figures have been detained in recent months as Xi’s attempts to root out corruption intensifies.
Earlier in December, Guo Guangchang, the head of Fosun group, China’s largest private sector conglomerate, was detained by police. He re-emerged three days later after “assisting in certain investigations”. In December, Guo Guangchang, head of Fosun group, China’s largest private sector conglomerate, was detained by police. He re-emerged three days later after “assisting in certain investigations”.
Also in December, two investment bankers from the securities firm Citic were detained without explanation. Also in December, two investment bankers from Citic securities firm were detained without explanation.
China Telecom shares fell slightly on the Hong Kong market. China Telecom shares fell slightly in Hong Kong.
Yang Jie, the executive director, president and chief operating officer of the company, will take over until a permanent replacement for Chang was found, the statement said. Yang Jie, executive director, president and chief operating officer of the company, will take over until a permanent replacement for Chang was found, China Telecom said.
Xi Jinping became Communist party chief just over three years ago, in November 2012, and immediately announced plans for a relentless assault on corruption. Xi became Communist party chief in November 2012 and immediately announced plans for a relentless assault on corruption.
“A mass of facts tells us that if corruption becomes increasingly serious, it will inevitably doom the party and the state,” Xi told the politburo, China’s 25 most senior leaders, during one of its first meetings. “We must be vigilant.” “A mass of facts tells us that if corruption becomes increasingly serious, it will inevitably doom the party and the state,” he told the politburo, a group China’s 25 most senior leaders, during one of its first meetings. “We must be vigilant.”
Since that drive began, Xi has masterminded a once-unthinkable attack on some of the party’s most feared and powerful figures. Xi has since masterminded a once-unthinkable attack on some of the party’s most feared and powerful figures. In June, Zhou Yongkang, the former security tsar who once controlled China’s vast domestic security apparatus, was sentenced to life in prison for allegedly taking 129m yuan (£13.4m) in bribes.
In June, Zhou Yongkang, the former security tsar who once controlled China’s vast domestic security apparatus, was sentenced to life in prison for allegedly taking 129m yuan (£13.4m) in bribes. The following month Ling Jihua, the former chief of staff to President Hu Jintao, was arrested and expelled from the party.
The following month Ling Jihua, the former chief of staff to president Hu Jintao, was arrested and expelled from the party. Senior military figures, including Guo Boxiong and Xu Caihou, were also toppled as Xi attempted to rein in corruption – and political rivals – within the People’s Liberation Army.
Top military figures including Guo Boxiong and Xu Caihou were also toppled as Xi attempted to rein in corruption - and political rivals - within the People’s Liberation Army. Yet Xi’s corruption campaign is no longer limited to those in government or the army. In February last year, Liu Han, a Ferrari-obsessed mining tycoon who had once been worth more than £4bn, was executed for alleged involvement in organised crime.
Yet Xi’s corruption campaign is no longer limited to those in government or the army. Since China’s stock market meltdown in July, dozens of top business figures have found themselves in Xi’s crosshairs, with many missing after questioning.
In February last year, a Ferrari-obsessed mining tycoon called Liu Han who had once been worth more than £4bn was executed for alleged involvement in organised crime. The brief and as yet unexplained detention of Guo Guangchang, a billionaire tycoon some call China’s Warren Buffett, this month has sent shockwaves through the international business community.
Since China’s July 2015 stock market meltdown dozens of top business figures have found themselves in Xi’s crosshairs with many missing after apparently being hauled in for questioning. As Xi Jinping enters his fourth year in power there is little sign of his anti-corruption drive slowing. Some speculate whether Xi has Communist party titans such as former president Jiang Zemin or former prime minister Wen Jiabao in his sights.
The brief and as yet unexplained detention of Guo Guangchang – a billionaire tycoon some call China’s Warren Buffett – earlier this month has sent shockwaves through the international business community.
As Xi Jinping enters his fourth year in power there is little sign of his anti-corruption drive slowing down. Some even speculate whether Xi now has Communist party titans such as former president Jiang Zemin or former prime minister Wen Jiabao in his sights.
Senior party leaders should “strictly educate and supervise” their children and family members, Xi told officials this week.Senior party leaders should “strictly educate and supervise” their children and family members, Xi told officials this week.