Chinese Regulator Accuses Chip Tycoon Of Corruption

Newscast - Africa

22-03-2023 • 51秒

China's anti-fraud watchdog has accused chip tycoon Zhao Weiguo of corruption, in the latest sign of trouble faced by the country's semiconductor industry.
The Central Commission for Discipline Inspection alleges that Mr Zhao took the state-owned company he managed as his private fiefdom.
The regulator says he handed profitable businesses to his relatives and friends and purchased goods and services from companies managed by his associates at prices significantly higher than the market.