The Chinese company Tencent has fired more than 100 people

The Chinese company Tencent has fired more than 100 people for embezzlement, fraud and corruption

China’s Tencent, one of the country’s leading tech companies, has announced the dismissal of more than a hundred employees for violating company policies. It turned out that the materials of some of those who were released were turned over to the police and they were later confessed to bribery and embezzlement charges and at least one was sentenced to prison.

    Image source: AFP

Image source: AFP

The company is one of the leading game developers in the world and also owns, for example, the Chinese super app WeChat, which is used by the inhabitants of the Celestial Empire everywhere. At the same time, Tencent came under antitrust sanctions along with other Chinese IT giants in late 2020 and suffered serious damage. In a recent statement, the company, which recently reported a second straight quarter of revenue declines, said it had found more than 100 employees guilty of violating anti-fraud policies. At the same time, the matter was not limited to dismissals – these 10 people were transferred to local law enforcement agencies.

The company said that in response to allegations of corruption and fraud at the company, the corporate security department dealing with such matters has increased the intensity of investigations. As it turned out, the number of investigations in 2022 has increased compared to 2021.

Cases of misappropriation of corporate funds and bribery were uncovered, some of the materials were handed over to law enforcement agencies, the cases ended in convictions. The “purges” affected both the content division and other areas of operations, including cloud services and the fintech industry. In addition, one of the employees was sentenced to three years in prison for accepting bribes from employees of other companies.

The company’s CEO, Pony Ma, said at an internal meeting last month that the level of corruption at the company was “shocking”. However, according to the SCMP portal, it was decided to break off cooperation with companies whose representatives gave bribes to Tencent employees. It has already been decided to stop cooperation with 23 companies.

Earlier, the company was seriously affected by the actions of Chinese regulators, which forced them to edit games, for example removing entire fragments with “politically harmful” content from them. In addition, the developers were forced to take the necessary measures to restrict access to games for minors, according to the Chinese rules adopted at the time. However, the company’s economic situation gradually began to recover. Compared to the October 28, 2022 low, its shares have almost doubled in value on the Hong Kong Stock Exchange. Additionally, last month the company received its first video game license in 18 months, symbolizing Tencent’s return to normal operations.

About the author

Alan Foster

Alan Foster covers computers and games and all the news in the gaming industry.

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