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Tencent logoChinese tech giant Tencent said on Monday it had fired more than 100 employees for violating company policies, some of whom reported to the police and later found guilty of bribery and embezzlement.
The Hong Kong-listed company, the world’s top video game maker and owner of the popular super-app WeChat, has come under a broad regulatory crackdown on China’s tech sector that began in late 2020. I am struggling with
In a statement, the company, which saw two consecutive quarters of revenue declines in November, said it had found more than 100 employees in violation of its fraud prevention policy.
More than 10 people have been transferred to China’s public security organs, he added.
“Responding to internal corruption and fraud issues, Tencent’s Anti-Fraud Investigation Department continued to step up enforcement, investigating and addressing a series of violations with common issues,” the company said.
“The number of incidents and personnel investigated and dealt with throughout 2022 has increased compared to 2021,” it added.
Those accused were found to have embezzled company funds and received bribes, many were reported to the police, and some were convicted in court.
Many of those fired and accused of corruption were part of the company’s PCG division, which oversees a huge content output ranging from news to sports to movies.
But it also straddles Tencent’s other businesses, such as cloud computing and fintech.
Most notably, one employee was found guilty of “taking bribes from non-government officials” and was sentenced to three years in prison, the company said.
The company’s CEO, Pony Ma, said at an internal staff meeting last month that the level of corruption at the company was “shocking,” state media reported.
To meet government demands, Tencent says Beijing has pledged to remove “politically harmful” content from its products and restrict underage play by restricting video games. We were hit hard by the crackdown.
But the company is showing signs of a resurgence, with its Hong Kong share price nearly doubling to its lowest since 2017 on Oct. 28.
The company also last month licensed a video game for the first time in 18 months, ending a drought that has stymied the profits of the world’s top game maker.
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“As we continue to reassess our hiring needs, we have made the difficult decision to withdraw our offers to a small number of candidates. As a result, we will be able to continue careful consideration to align with our highest priority work,” said a Meta spokesperson.
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