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Chinese tech giant Tencent has revealed that it terminated over 120 employees in 2023 for breaching its anti-fraud rules, encompassing issues like corruption and embezzlement. This move follows Tencent's founder, Pony Ma, expressing dismay at the company's corruption levels in 2022 and pledging corrective actions. Last year, more than 70 breaches of the code of conduct were reported, resulting in the dismissal of over 120 individuals, with nearly 20 cases reported to the authorities. Among the affected employees were those from Tencent's PCG branch and its medical services arm, emphasizing the company's commitment to addressing misconduct across various sectors.
- The repercussions for violating Tencent's anti-fraud rules are significant, with one implicated employee receiving a four-year prison sentence and a 100,000 yuan ($14,000) fine. These actions underscore Tencent's dedication to maintaining a robust corporate governance structure. Amid the challenges faced by China's tech giants due to regulatory crackdowns, Tencent, with over 100,000 employees, continues to adapt. In response to domestic restrictions on online gaming for under-18s and market volatility, Tencent is actively exploring opportunities abroad, with a focus on strengthening its presence in Europe through strategic acquisitions in the gaming industry.
Why it matters
As Tencent navigates a shifting regulatory landscape and explores international opportunities, its commitment to addressing internal issues demonstrates a proactive approach to maintain ethical standards and corporate integrity.
