China: Authorities detain China's Telecoms Boss

China’s antigraft watchdog has detained the chairman of China Telecoms Corporation, Chang Xiaobing. According to the Communist party’s top anti-corruption Agency, Chang was detained on grounds of “severe disciplinary violations”.

The statement noted that Chang, 58 years old, is the former chairman of the country’s second largest mobile operator, China Unicom Ltd. He assumed office in August this year.

Authorities didn’t provide much details, however, various calls and messages to Chang proved abortive as the former China Telecoms Boss was unreachable, but the company said operations remain normal.

Chang’s detention comes as shares in China Telecoms dropped as much as three percent on Monday after the news that its head was under investigation. The latest high-profile target in a corruption crackdown.

The firm, one of China’s big-three telecoms, saw its shares trade as low as HK$3.62 ($0.47) on Hong Kong’s bourse (Stock Exchange), compared to the previous closing of HK$3.73.

Financial analyst Jackson Wong from a brokerage firm said investors are moving cautiously pending further details of the probe.

China Telecom Head Detained by Antigraft Regulator: China’s antigraft watchdog detained the chairman of China … https://t.co/s8sINu54g3

— Aries Wong (@aries_wong) December 29, 2015

The investigation for suspicion of corruption on the person of Chang Xiaobing appeared on the website of a powerful Committee Commission of disciplinary inspection. According to the site Caijing, the boss of China Telecoms had disappeared few days before an important meeting with public operators was scheduled for December 28.

The probe into Chang Xiaobing for “severe disciplinary violations” was announced by the Central Commission for Discipline Inspection, the watchdog of the ruling Communist Party.