DailyTech - Gigabyte Loses $5 Million in Fraud

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IT Gigabyte Loses $5 Million in Fraud
Tuan Nguyen (Blog) - April 27, 2007 1:57 PM

47 comment(s) - last by bldckstark.. on May 4 at 8:24 PM

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: Funny

By Christopher1 on 4/29/2007 2:02:43 AM , Rating: 2

Quite true about the terrorist thing. You are MUCH more likely to be struck by lightening than to die in a terrorist attack, but most people want to focus on the somewhat 'preventable' terrorist attack than the lightning strike.

You are also right in that it is a VERY small minority of Muslims who do terrorists attacks.... however it is NOT such a small minority who SUPPORT them doing those attacks, at least until they kill someone in their own country!

The problem isn't really ignorant people. The problem is religion in general and the hatreds that spring up between people of religions and those who don't believe in any religion at all, like myself who is an atheist.

That could be solved by the religious idiots out there realizing that this time on earth is all you get, and that there is no heaven or hell or 'god' out there, but I don't see that happening anytime soon because EVERY TIME you try to bring that up with someone who has been raised with the religious idiocy since birth, they get ANGRY at you and will sometimes physically attack you!

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RE: Funny

By rdeegvainl on 5/1/2007 12:48:34 PM , Rating: 2

I'm sorry, but all i got out of the second half of your statement is that you are atheist, and that people who have religion are closeminded and hate anyone who believes different from them. Unfortunately you are saying that your way is correct and that all others need to conform to your ideas to fix the problem. In your defense of the muslim religion you say that it is a SMALL MINORITY, but when you attack religion there isn't one bit of open mindedness in your arguement.
Here is a parallel to your arguement that "religious idiots" always get angry when you say that they need to realize that god doesn't exist and there is no heaven or hell.
Everytime you tell an athiest idiot that there is a heaven and hell and god does exist, they get angry at you and will sometimes physically attack you.
The problem here isn't religion or beliefs, it is intolerances among those who beleive anything, from atheism to christianity and wiccanism (is that a word)
I have no issue with atheists, or "Religious idiots from birth", I do however have a problem with anyone, and I mean anyone, saying others NEED to believe as they do.
You are being an intollerant person spouting out intollerance of other peoples religions that differ from yours.
A religion is a set of beliefs and practices generally held by a community. Atheism is a religion also.

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RE: Funny

By PandaBear on 5/2/2007 1:34:48 PM , Rating: 2

Lightning is much more preventable than a terrorist attack, just stay away from open area.

Although I am religious, I do agree with your comment about religious idiots who did crazy things in all religion (christians included, like those abortion doctors killers).

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