Sun. Feb 5th, 2023

Chinese language tech large Tencent stated Monday it had fired greater than 100 staff for violating firm insurance policies, with some referred to police and later discovered responsible of bribery and embezzlement.

The Hong Kong-listed firm is the world’s high online game maker and the proprietor of fashionable super-app WeChat however has struggled beneath a broad regulatory crackdown on China’s tech sector initiated in late 2020.

A person strolling previous the Tencent headquarters in Shenzhen, in China’s southern Guangdong province, on July 10, 2022. Photograph: Jade Gao/AFP.

In a press release, the agency — which in November posted its second consecutive quarterly decline in income — stated it had discovered greater than 100 staff responsible of violating its anti-fraud coverage.

Greater than 10 had been transferred to China’s public safety organ, it added.

“In response to the issues of corruption and fraud inside the firm, Tencent’s Anti-Fraud Investigation Division continued to strengthen its crackdown and investigated and handled a collection of violations with widespread issues,” the agency stated. 

“The variety of circumstances and personnel investigated and handled all through 2022 has elevated in contrast with 2021,” it added.

These accused had been discovered to have embezzled firm funds and accepting bribes, it added, with a quantity referred to police and a few discovered responsible in court docket.

Numerous these fired and accused of corruption had been a part of the corporate’s PCG arm, which oversees its mammoth content material output from information to sports activities and flicks.

WeChat. File picture: Wikicommons.

However additionally they span Tencent’s different companies, together with cloud computing and fintech.

Most notably, one worker was discovered responsible of “accepting bribes from non-state staff” and sentenced to a few years in jail, the corporate stated.

Firm CEO Pony Ma informed an inside workers assembly final month that the extent of corruption on the agency was “stunning”, state media reported.

Tencent has been hit laborious by a regulatory crackdown on video video games by Beijing, which noticed a whole bunch of companies pledged to wash “politically dangerous” content material from their merchandise and implement curbs on underage gamers to adjust to authorities calls for.

However the agency has proven indicators of revival, with its share value virtually doubling in Hong Kong since October 28, when it hit a low not seen since 2017.

The agency was additionally final month granted its first licence for a online game in 18 months, ending a dry spell that had hampered the income of the world’s high sport maker.

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