China Mobile Dismisses Vice Chairman in Corruption Scandal

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The world’s largest phone company in terms of subscribers, China Mobile Ltd. dismissed its vice chairman for "alleged serious financial irregularities."

Zhang Chunjiang is suspected of covering up losses when we worked for another company in 2008, China Netcom Ltd.

According to China's most prominent business magazine Caijing, he was trying to obtain a merger with rival China Unicom Ltd. at the time.

The magazine says Netcom reported losses of 11.1 billion yuan in 2008, but auditors discovered the losses were closer to 20 billion yuan.

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