Beijing: The boss of China Telecom has resigned just three days after authorities launched an investigation into his conduct, becoming the latest victim of a corruption crackdown.
Chang Xiaobing, chairman and chief executive of China Telecom, was deemed to have been involved in “severe disciplinary violations” by the Central Commission for Discipline Inspection, the watchdog of the ruling Communist Party.
Mr Chang has been “taken away”, according to an article in respected business magazine Caijing, adding that he disappeared just days before a meeting of the state-owned company planned for December 28.
Mr Chang’s phone was switched off and he did not respond to multiple calls, it added.
State-owned China Telecom was founded in 2002 and has rapidly grown to become one of the largest mobile and fixed-line operators; it employs more than 300,000 people and reported revenue of CNY324bn (£32bn) last year.
Mr Chang only took up the top job at China Telecom in September. He made his fortune through building up its rival, China Unicom, the second largest mobile operator in the country, and there was speculation the two companies could be merged.