China's Tencent fires more than 100 for fraud, embezzlement

China's Tencent fires more than 100 for fraud, embezzlement

Tencent has been hit hard by a regulatory crackdown on video games by Beijing
Tencent has been hit hard by a regulatory crackdown on video games by Beijing. Photo: Jade GAO / AFP
Source: AFP

PAY ATTENTION: Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!

Chinese tech giant Tencent said Monday it had fired more than a hundred employees for violating company policies, with some referred to police and later found guilty of bribery and embezzlement.

The Hong Kong-listed company is the world's top video game maker and the owner of popular super-app WeChat but has struggled under a broad regulatory crackdown on China's tech sector initiated in late 2020.

In a statement, the firm -- which in November posted its second consecutive quarterly decline in revenue -- said it had found more than 100 employees guilty of violating its anti-fraud policy.

More than 10 were transferred to China's public security organ, it added, accusing them of "bribery or occupation".

"In response to the problems of corruption and fraud within the company, Tencent's Anti-Fraud Investigation Department continued to strengthen its crackdown and investigated and dealt with a series of violations with common problems," the firm said.

Read also

Bereaved UK father criticises social media firms' response to tragedy

"The number of cases and personnel investigated and dealt with throughout 2022 has increased compared with 2021," it added.

PAY ATTENTION: Click “See First” under the “Following” tab to see YEN.com.gh News on your News Feed!

Those accused were found to have embezzled company funds and accepting bribes, it added, with a number referred to police and some found guilty in court.

A number of those fired and accused of corruption were part of the company's PCG arm, which oversees the its mammoth content output from news to sports and movies.

But they also span Tencent's other businesses, including cloud computing and fintech.

Most notably, one employee was found guilty of "accepting bribes from non-state employees" and sentenced to three years in jail, the company said.

Company CEO Pony Ma told an internal staff meeting last month that the level of corruption at the firm was "shocking", state media reported.

Read also

Pakistan's economy grinding to a halt as dollars dry up

Tencent has been hit hard by a regulatory crackdown on video games by Beijing, which saw hundreds of firms pledged to scrub "politically harmful" content from their products and enforce curbs on underage players to comply with government demands.

But the firm was last month granted its first licence for a video game in 18 months, ending a dry spell that had hampered the profits world's top game maker.

New feature: Сheck out news that is picked for YOU ➡️ find “Recommended for you” block on the home page and enjoy!

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.