China’s Transsion, a leading smartphone vendor in Africa, said on Saturday that its finance head has been detained as part of an investigation, according to a corporate filing.
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The Shenzhen-based budget handset maker said it received notice on Friday of a lien and a case filing issued by the district supervisory committee of Dandong, a city in northeastern Liaoning province, claiming its financial director Xiao Yonghui was detained as part of an investigation.
“As of the filing date, the company is not aware of the progress or conclusion of the investigation,” it said in its filing with the Shanghai Stock Exchange. It did not specify why Xiao is being investigated.
The company’s board said in the filing that the it has a comprehensive governance and internal control structure, and the incident will not have a significant impact on operations.
Transsion did not immediately respond to a request for comment on Saturday.
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The rise of Chinese smartphones
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