China Mobile Exec in Corruption Probe

1:05 PM Serious financial irregularities cited

January 4, 2010

1 Min Read
China Mobile Exec in Corruption Probe

1:05 PM -- Zhang Chunjiang has been sacked from his role as vice chairman of China Mobile Communications Corp. (CMCC), the parent company of China Mobile Ltd. (NYSE: CHL), because he is being investigated for "serious financial irregularities," the carrier has announced.

CMCC has "recommended" that China Mobile should also "consider removing" Zhang from his role as vice chairman at the operating company, and is to consider what action to take at a coming board meeting.

News that such a senior figure is being investigated for corruption comes just as the carrier, which dominates the Chinese mobile services market, announced to the local media that it ended 2009 with more than 5 million customers for its TD-SCDMA 3G service. (See China Pumps $15B Into 3G and China Mobile to Retain Revenues Crown.)

— Ray Le Maistre, International Managing Editor, Light Reading

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