Gigabyte Loses $5 Million in Fraud
April 27, 2007 1:57 PM
comment(s) - last by
Regional manager sets up bank loan without company permission
Gigabyte recently made shocking headlines when it announced that it would be
leaving the partnership it had created with long time rival ASUS
. Originally, the plan was to create a joint venture, where the two companies could cooperate on developing and manufacturing new products. Called Gigabyte United, the joint venture would have allowed both companies to share and take advantage of the other's resources.
This week, Gigabyte announced that it had
lost roughly $5 million USD due to an internal scandal
committed by one of its regional managers. Chang Chaosong, factory manager at Ningbo Gigabyte Technology in China, allegedly listed Gigabyte as a guarantor for a bank loan towards a third party loan. By being a guarantor, Gigabyte would be liable to repay the loan if the third party did not repay it.
Unfortunately for Gigabyte, the company or person in question that borrowed the money from the bank did not repay the borrowed money, and Gigabyte was held accountable for the loss. What shocked company officials however, was the fact that Chang did not request company permission before setting up the transaction.
Gigabyte is currently investigating Chang's actions and where and why the transaction was setup in the first place. Chang is no longer with Gigabyte.
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RE: Regional Manager???
4/27/2007 7:07:18 PM
Your post was great. There were a lot of problems with the points I brought up that I understood after I read your post.
I was just focusing on the corporations in China, and how the justice system treats things like this.
When I was in China, my friend left his baggage in the back of the taxi we were using. The driver literally tracked us down after about 10 minutes had gone by, to return it to us.
Found out later that the penalty for stealing from tourists is extreme, and that he would have been in jail for the rest of his life.
China hates it when its own citizens hurt its image (i.e., what happened with Gigabyte (what does i.e. stand for?)), and I cited the url to give an example (it was written today) of how China is looking better judicially.
RE: Regional Manager???
4/28/2007 4:53:00 AM
i. e. prep. abbreviation for id est which is Latin for "that is" or "that is to say." It is used to expand or explain a general term as in "his children (i.e. Matthew, Mark, Luke and Joan)." It should not be confused with "e.g." which means, "for example."
RE: Regional Manager???
4/29/2007 8:01:30 PM
So, you think it's a fair judicial system that would have jailed a man for life if he had just returned the luggage to his dispatch center where the customer would be able to pick it up like they would in countries like the US?
The fact that they harshly punish people who make the country look bad is NOT a sign that it's got a progressive judicial system or one that is fair to the citizens or even serves them in the long run. That's called a smoke screen. Make things look good in public, but privately be evil.
"So, I think the same thing of the music industry. They can't say that they're losing money, you know what I'm saying. They just probably don't have the same surplus that they had." -- Wu-Tang Clan founder RZA
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