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Stock impact report

Former Chinese internet czar Lu Wei sentenced to 14 years in prison for bribery [CNN]

Meta Platforms, Inc. - Class A (FB) 
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Company Research Source: CNN
Former Chinese internet czar Lu Wei sentenced to 14 years in prison for bribery Lu Wei, who once headed the country's powerful cyberspace administration, had accepted bribes worth more than 32 million yuan ($4.8 million) from 2002 to 2017, according to the Ningbo Intermediate People's Court in eastern China. Lu, 59, was charged in July 2018. He said he would not appeal the verdict. Lu's sudden fall from power began two years earlier, in mid-2016 , when he left his position at the Cyberspace Administration. At that time, some speculated Lu was destined for even higher office. Such was his perceived connection to Chinese President Xi Jinping, who consistently promoted Lu during earlier periods in his career. But it soon became apparent the censor had lost favor; an official corruption investigation was announced just weeks before the opening of the 2017 World Internet Conference, a gathering of China's top government officials and industry leaders seen as his brainchild. He was dismisse Show less Read more
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