China Mobile executive sacked
By Wang Xiang |
January 1, 2010, Friday
|
Print Edition
Print Edition
THE Party secretary and vice chairman of China's biggest mobile carrier, China Mobile, was sacked from his post as part of investigations into "serious economic problems," the Organization Department of the Communist Party of China Central Committee announced yesterday.
The case of Zhang Chunjiang could be the biggest scandal in the country's telecom industry in the past 30 years, an unnamed official with the Party's discipline authority told Beijing-based Economic Observer News.
The 51-year old native of Shandong Province was put under "double designation" on December 26, China Mobile said in a statement.
"Double designation" refers to a special investigative procedure under which a Party official is ordered to answer allegations of disciplinary violations or corruption at a designated time and place.
China Mobile told the newspaper the investigation would not affect its plans to float on the Shanghai stock market.
Zhang was president of China Network before he joined China Mobile in 2008. When he served as president of China Network, he was given options in 920,000 company shares.
The surge in China Network's share price in recent years has made him one of the richest bosses of a state-owned enterprise on the Chinese mainland, according to Xinhua news agency.
It was reported that the president of China Mobile, Wang Jianzhou, was estimated to have earned more than 150 million yuan from his stocks options.
Before this investigation, it had been widely reported that Zhang would become president of China Mobile after it is listed in Shanghai.
His yearly salary at China Mobile was HK$1.2 million (US$154,748) with an annual dividend of HK$180,000.
Zhang joined the board of China Mobile as vice chairman in June 2008.
The case of Zhang Chunjiang could be the biggest scandal in the country's telecom industry in the past 30 years, an unnamed official with the Party's discipline authority told Beijing-based Economic Observer News.
The 51-year old native of Shandong Province was put under "double designation" on December 26, China Mobile said in a statement.
"Double designation" refers to a special investigative procedure under which a Party official is ordered to answer allegations of disciplinary violations or corruption at a designated time and place.
China Mobile told the newspaper the investigation would not affect its plans to float on the Shanghai stock market.
Zhang was president of China Network before he joined China Mobile in 2008. When he served as president of China Network, he was given options in 920,000 company shares.
The surge in China Network's share price in recent years has made him one of the richest bosses of a state-owned enterprise on the Chinese mainland, according to Xinhua news agency.
It was reported that the president of China Mobile, Wang Jianzhou, was estimated to have earned more than 150 million yuan from his stocks options.
Before this investigation, it had been widely reported that Zhang would become president of China Mobile after it is listed in Shanghai.
His yearly salary at China Mobile was HK$1.2 million (US$154,748) with an annual dividend of HK$180,000.
Zhang joined the board of China Mobile as vice chairman in June 2008.
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