China Telecom chief resigns amid investigation

The chairman and chief executive of one of China's largest mobile service providers, China Telecom, has stepped down days after authorities said he was under investigation. The firm said Chang Xiaobing had resigned in a filing to the Hong Kong Stock Exchange on Wednesday. Authorities had announced on Sunday that Mr Chang was being investigated for alleged disciplinary violations. Several Chinese executives have been embroiled in a crackdown on corruption. Mr Chang was the latest executive that was reported missing by local media before the country's anti-corruption watchdog - the Central Commission for Discipline Inspection - said he was under investigation. Top Chinese executives investigated Jiang Jiemin, former chairman of leading energy group China National Petroleum Corporation (CNPC) jailed for 16 years in October for graft Xu Jianyi, former chairman of top automaker China FAW Group expelled from the ruling Communist Party in August for embezzling funds and taking bribes Shen Hao, former president of financial media group 21st Century jailed for four years last week for extortion and blackmail Cheng Boming, president of China's largest brokerage, CITIC Securities, under investigation in September for alleged trading on insider information Meanwhile in the filing, China Telecom said president and chief operating officer Yang Jie would take over as chairman and chief executive until a new appointment is made. State-owned China Telecom is the country's third largest telecom service provider after China Unicom, where 58-year-old Mr Chang was the chairman before he joined China Telecom in August. There were reports earlier this year that the government was considering merging the two telecom giants. Many critics have also said that Beijing's anti-corruption drive has more to do with getting executives of leading firms to toe the Communist Party's line. The company's shares closed down 0.3% on Thursday after news of the management shake-up.

China Telecom chairman Chang Xiaobing under investigation

The chairman of one of China's largest state-owned mobile operators, China Telecom, is being investigated by the country's anti-corruption watchdog. Chang Xiaobing is "suspected of serious violation of discipline", according to a statement on the Central Commission for Discipline Inspection website. The executive was reported missing by local media on Sunday. He is the latest in a series of high-profile executives to become embroiled in Beijing's crackdown on corruption. The government's ongoing anti-corruption drive resulted in more than 70 senior officials at state firms being investigated in 2014. Advertisement Top Chinese executives investigated Jiang Jiemin, former chairman of leading energy group China National Petroleum Corporation (CNPC) jailed for 16 years in October for graft Xu Jianyi, former chairman of top automaker China FAW Group expelled from the ruling Communist Party in August for embezzling funds and taking bribes Shen Hao, former president of financial media group 21st Century jailed for four years last week for extortion and blackmail Cheng Boming, president of China's largest brokerage, CITIC Securities, under investigation in September for alleged trading on insider information Little information was given on the investigation involving Mr Chang, but the statement mentioned his position as the former chairman of the country's second-largest mobile operator China Unicom. The 58-year-old became the chairman at China Telecom in August. Earlier this year, there were reports that the government was considering merging the two telecom giants. Government scrutiny of the top firms in the world's second largest economy has spread beyond state-owned enterprises.