Tencent executive held by China over corruption probe: Media

BEIJING (BLOOMBERG) – A Tencent Holdings executive has been held by authorities in China investigating a corruption case involving a former top law-enforcement official, the Wall Street Journal reported, citing people with knowledge of the matter.

The executive was investigated for allegedly sharing personal data collected by WeChat with a former government official, according to the report. Tencent’s shares were down more than 1 per cent in Hong Kong trading.

Tencent, the owner of the WeChat super-app used by more than a billion people, said earlier this month it fired more than 100 employees on suspicion of graft over a series of investigations over the past year and reported more than 40 workers to police. It’s unclear if the staffer reportedly being held was involved in any of those investigations.

The company’s rare revelation this month underscores Beijing’s increasingly tough stance on corruption among government cadres and corporate executives.

The country is also tightening scrutiny over its most powerful tech corporations, seeking to rein in their growing power in a plethora of sectors from finance to e-commerce and the sharing economy.

Tencent didn’t immediately have a comment on the report.

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