TECH - Key Apple Supplier Foxconn Faces Chinese Scrutiny Following Taiwan Presidential Run Announcement | Benzinga
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 ...