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Foxconn Technology Group (OTC:HNHPF), a major supplier for Apple Inc. (NASDAQ:AAPL), is under investigation by Chinese authorities over tax and land use, according to the company’s statement. The company’s founder, Terry Gou, is currently running for the presidency of Taiwan.
China's state-backed Global Times informed that Chinese tax authorities are scrutinizing Foxconn's facilities in southern Guangdong province and eastern Jiangsu, reported The Wall Street Journal. Meanwhile, natural resources authorities are conducting on-site investigations into the company's land use in Henan and Hubei provinces.
Foxconn, also known as Hon Hai Precision Industry, manufactures for Apple in three of the provinces under investigation. The company issued a statement affirming its commitment to abide by the law and to cooperate actively with the related units on the related work and operations.
The investigations come amid Gou’s campaign for the Taiwanese presidency. Critics argue that his business interests in China make him susceptible to pressure from Beijing. Gou’s candidacy could potentially impact Taiwan’s relationship with Beijing.
Photo by Tada Images on Shutterstock
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