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.
This article is over a month old, voting and posting comments is disabled
RE: Regional Manager???
4/29/2007 8:19:45 PM
Your definition is wrong. Period.
Greed is not defined by wanting more than you have. Starving Ethiopians certainly aren't greedy because they'd like to have some bread.
desire for more than you have, more than you need, or more than you deserve. In particular, desire for more than you need or deserve at the expense of others getting a minimum of what they need or deserve.
What you deserve is what you have worked for. If you work harder, you deserve more. If you push your own limits, that's a personal choice, and doesn't negate the fact of having done the hard work. Someone who finds a task difficult and has to push to complete it deserves no more or less reward than someone else who finds the task easy (though they may be due praise for the effort it took).
Gambling doesn't automatically mean greed. Excessive gambling does. I don't even know what greed in changing people's minds means, other than being able to gain power. Nothing wrong with that except when you are gaining power for the sake of having power and control. Deal or No Deal is just dumb, but not greed. Somebody offers you cash for no real work, you'd turn it down? Serious overclocking is greedy? So light overclocking isn't? It's greedy to put time, money and effort into working your property to its limits so that you can get the best performance possible?
I assume you're young and naïve.
"A politician stumbles over himself... Then they pick it out. They edit it. He runs the clip, and then he makes a funny face, and the whole audience has a Pavlovian response." -- Joe Scarborough on John Stewart over Jim Cramer
Gigabyte Calls It Quits on ASUS Alliance
March 25, 2007, 10:47 AM
LinkNYC Terminals to Blanket New York City With Free WiFi, Free Calls, and Ads
November 17, 2014, 6:50 PM
Microsoft is Open-Sourcing Most of .NET, Adding OS X and Linux Support
November 12, 2014, 8:27 PM
Home Depot Lost 53 Million Emails, Blames Windows, Buys Execs New Macs
November 9, 2014, 5:00 PM
Former NSA Lawyer: If Google, Apple Encrypt User Data, They’ll Wither on the Vine Like Blackberry
November 6, 2014, 12:15 PM
Report: AT&T Eyeing $40B DirecTV Purchase
May 1, 2014, 8:00 AM
WebOS Class Action Settlement Costs HP $57 Million
April 1, 2014, 10:22 AM
Most Popular Articles
WSJ Report Implies That Google Leveraged Lobbying to Kill Antitrust Abuse Probe
March 25, 2015, 5:37 PM
Half a Billion Dollars of U.S. Weaponry May be Lost to al-Qaeda, Rebels in Yemen
March 23, 2015, 2:12 PM
Samsung, Dell, Pegatron to Preinstall Microsoft Office 365 on Android Devices
March 23, 2015, 4:02 PM
Texan WISP Owner With Colorful History Sues to Block FCC Net Neutrality Rules
March 24, 2015, 1:19 PM
NVIDIA's Latest Windows 10 Drivers: Still Too Unstable For Primetime
March 24, 2015, 4:45 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information