"Sinocism is the Presidential Daily Brief for China hands"- Evan Osnos, New Yorker Correspondent and National Book Award Winner
Bloomberg has a summary of the story:
China’s seizure of a China Mobile Ltd. (941) executive on graft allegations in March led to a probe of more than 60 people that may involve 350 million yuan ($54 million) of “illegal money,” the official Xinhua News Agency said.
China Unicom (Hong Kong) Ltd., and China Telecom Corp., the nation’s second- and third-largest carriers after China Mobile, are included in the investigation, according to today’s Xinhua report, which didn’t say what the alleged corruption entailed.
The telecoms business is notoriously corrupt, but this crackdown may also be related to positioning for 2012.
In the meantime, buckle up if you are an investor in any company with exposures to this mess.