Thu. Mar 23rd, 2023

Chinese Regulator Accuses Chip Tycoon of Corruption.

Chinese anti-fraud watchdog has accused chip tycoon, Mr. Zhao Weiguo of corruption in the latest sign of trouble faced by the country’s Semiconductor Industry.

The Central Commission for Discipline Inspection alleges in a statement that Mr. Weiguo took the State owned company he managed as his private fiefdom.

The regulator says he handed profitable businesses to his relatives and friends, purchased goods and services from companies managed by his associates at prices significantly higher than the market.

It would be recalled that the key players in the sector were investigated for corruption last year after the government poured billions of Dollars into projects which were stalled or failed.

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