Foxconn Slapped with $2,800 Fine in China’s Probe

Chinese tax authorities slapped a 20,000 yuan ($2,800) fine on a Foxconn subsidiary for inflating expenses. The unit in Wuhan got dinged for sketchy accounting of R&D costs in 2021 and 2022. China’s broadening its probe into the iPhone maker’s operations, checking tax matters in Guangdong and Jiangsu, and land use in Hubei and Henan, Blomberg reported

Notably, Foxconn’s founder, Terry Gou, is eyeing Taiwan’s presidential race, claiming China won’t mess with his business empire. His campaign hit a snag with these investigations, but he’s still in the game. FII, a major Foxconn contractor, has around 200,000 employees in China, Blomberg reported.