Xiaomi fires two key executives for bribes

Chinese technology company Xiaomi has shown its firm stance on fighting corruption by firing two key figures in its international business, reports GizmoChina.

According to GizmoChina, Chen Bingxu, the former general manager of the Latin American region, was found to have received bribes, expensive gifts and participated in luxury entertainment funded by business partners. Another top manager, Owen, former general manager of the Western Europe area, was accused of rigging outsourcing deals that involved significant financial investments.

As a result of the investigation, Chen Bingxu was fired, stripped of stock options and reportedly must compensate the company for financial losses. In Owen's case, the company not only fired him, but also took criminal legal action against him.

Despite these incidents, Xiaomi continues to successfully grow its business internationally. For example, according to Canalys, the company shipped 5.3 million devices in Latin America in the first quarter of 2024, holding a 15.3% market share in the region.

Xiaomi thus underscores its commitment to ethical standards and zero tolerance for any form of corruption and abuse, even when it involves key figures in its organization.