Transsion’s Finance Chief Detained in Investigation: A Blow to the Chinese Budget Smartphone Brand’s Reputation

Transsion, a budget smartphone company from China, has announced that their financial chief has been detained for investigation. The Shenzhen-based company, known for producing phones aimed at emerging markets including Africa, has not disclosed the reason behind the investigation of their finance director.

The budget smartphone manufacturer from Shenzhen reported that it was notified on Friday about a lien and a lawsuit filed by the Dandong district oversight committee, a city in the northeastern Liaoning province. The notice alleged that their financial director, Xiao Yonghui, was taken into custody as part of an inquiry.

Up until the date of submission, the firm has not been informed about the status or result of the inquiry, according to their document submitted to the Shanghai Stock Exchange. The reasons behind Xiao's investigation were not detailed.

The corporation's board stated in the document that it maintains a thorough governance and internal regulation system, and the incident won't notably affect its operations.

Transsion has not yet provided a response to a comment request made on Saturday.

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