HomeEconomyTaiwanese Foxconn is the subject of investigations in China

Taiwanese Foxconn is the subject of investigations in China

Several subsidiaries of the group, one of the main suppliers of the American Apple, are the subject of a tax audit in China.

The Taiwanese technology giant Foxconn, one of the main suppliers of the American Apple, confirmed on Sunday that it was the subject of investigations in China and assured that it was “cooperating” with the authorities. Several subsidiaries of the group in China are the subject of a tax audit, the Global Times, a Chinese state newspaper, reported this Sunday, October 22. The places in question are located in the province of Guangdong (south) and Jiangsu (east).

The newspaper added that authorities are also investigating how Foxconn uses the land of its subsidiaries in the central provinces of Hunan and Hubei. However, the article does not specify what authorities are seeking to know or what crimes Foxconn may have committed.

“We will actively cooperate with [autorités] competent for the operations in question,” the company added without further details.

The largest private sector employer in China

Foxconn is a large group that assembles electronic products for many international brands, including Apple. It is the largest private sector employer in China, with more than one million employees nationwide and around 30 factories and research institutes.

These investigations come two and a half months before a presidential election in Taiwan, an island territory of 23 million inhabitants that Beijing considers part of China.

Foxconn founder, billionaire Terry Gou, resigned from his board of directors in September to “prepare” his candidacy. Local media believe this decision shows his determination to run, while preserving his business.

Terry Gou, who no longer exercises any executive power within the group since 2019, retains a seat on the board of directors.

Author: NLC with AFP
Source: BFM TV

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