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Tencent Fires 70 Staff, Blacklists 13 Firms Over Bribery Claims

Tencent said in a social media post that it had also reported more than 10 people to authorities over their actions last year


Shares of Tencent Holdings fell as much as 2.5% on Monday, after Prosus and Naspers said they would gradually sell shares in the firm.
Shares in China's most valuable company fell again on Monday after key shareholders said they would sell down their stakes. Photo: Reuters.

 

Tencent Holdings, China’s biggest social media and video games company, said on Tuesday it fired nearly 70 staff over bribery and embezzlement incidents last year and named 13 companies it had blacklisted from future contracts.

Tencent said in a social media post that it had also reported more than 10 people to authorities over their actions.

As China has intensified a crackdown on corruption in recent years, tech companies have doubled down on their own investigations into irregularities as their valuations and profiles have soared following the country’s tech boom.

Tencent started its anti-graft campaign in 2019 and has been regularly reporting the results of its probes.

In 2021, one case involved a former employee from its digital music department asking for and getting favours from its suppliers, Tencent said. Another involved a sports content staffer profiting from using a company he controlled to enter a deal with Tencent, the company added.

Beijing, which has since last year reasserted control over its once-freewheeling internet sector through a wide-ranging regulatory crackdown, said last week it would investigate and punish any corrupt behaviour found behind internet platform monopolies.

 

  • Reuters with additional editing by Jim Pollard

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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