Foxconn shares drop after report of China tax audit, land use probe
© Reuters. FILE PHOTO: A woman drives past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. REUTERS/Ann Wang/File Photo)'s iPhones, dropped as much as 3% on Monday after a report that the company is the subject of tax audits and land use probes in China.
Foxconn said in a statement on Sunday that legal compliance was a"fundamental principle" of its operations everywhere, and that it would"actively cooperate with the relevant units on the related work and operations". The Global Times did not give details of the tax or land use probes, which have not been officially announced by any Chinese government department.
Foxconn's billionaire founder Terry Gou, who no longer has a role in the company's day to day operations and stepped down as company chief in 2019, is running as an independent candidate though he is at the bottom of polls.
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