China government ousts China Telecom boss

“The board of directors hereby announces that Mr Chang Xiaobing has resigned from his positions as the executive director, chairman and chief executive officer of the company, with effect from 30 December 2015″, the statement said.

As CBN reported earlier, Mr. Chang was held for investigation by the anti-graft watchdog of the Chinese government. It said its chief operating officer, Yang Jie, would serve as chairman and CEO until a permanent replacement is named.

Mr Chang was the latest executive that was reported missing by local media before the country’s anti-corruption watchdog – the Central Commission for Discipline Inspection – said he was under investigation.

According to business magazine, Caixin, Chang has been taken into custody and his “problems” are mostly related to the period when he headed China Unicom, another one of the country’s three major telecom companies.

Mr. Yang will continue performing Chang’s responsibilities until a new appointment is made by the company’s board of directors.

Dozens of executives of state-owned companies have been charged or questioned in a 3-year-old anti-corruption crackdown.

Chinese President Xi Jinping’s corruption investigations have already included leading politicians, bosses of state enterprises and senior bankers. He is also the president of China Telecommunications.

As a result of the revelations, China Telecom shares closed down more than one percent on Wednesday.