Tencent Holdings fires 70 staff over bribery and embezzlement as
The company is one of the top-five holdings of Scottish Mortgage Investment Trust PLC and several of London’s Asia-focused investment trusts
Tencent Holdings Limited (HKG:0700), the Chinese tech colossus, said it had fired several dozen staff members over bribery and embezzlement incidents last year.
The gaming, music, social media, cloud service and software group, which is one of the top-five holdings of Scottish Mortgage Investment Trust PLC (LSE:SMT) and several other London-listed Asia funds, also said it had blacklisted several companies and reported more than 10 people who were dismissed to security authorities.
China’s tech companies have been under intense scrutiny from Beijing authorities in the past year, with a raft of new restrictions imposed.
Tencent said one case involved an employee from its digital music department asking for favours from suppliers, with another involved a sports content staffer profiting from using a company he controlled to enter a deal with Tencent.
Last week Beijing’s anti-graft regulator said it would investigate and punish any corrupt behaviour found behind internet platform giants.
The Central Commission for Discipline Inspection (CCDI) said: “Efforts will be made to investigate and punish the corrupt behaviour behind the disorderly expansion of capital and platform monopolies, and cut off the link between power and capital.”
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