In China, where politics and business are one and the same, the sackings of high-ranking officials in 2014 also saw many companies implicated—publicly listed companies that encompass nearly every industry in the Chinese economy.
In 2014, 70 public companies were under investigation for corruption, according to the state-run Beijing News on Feb. 9. The corruption probe investigation included 18 companies in the metal, coal, petroleum, and natural gas industries; 6 companies in the real estate industry; 6 companies in the financial industry; 4 companies in the pharmaceutical industry; and 3 companies in the airline and maritime industries.
“Most of these implicated companies have witnessed either a fall in business, resignation of top executives, inability to get a loan, and even forced reconstruction after declaring bankruptcy,” stated Chinese media Jinhua Daily on Feb. 10.
