Gigabyte Loses $5 Million in Fraud
April 27, 2007 1:57 PM
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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???
4/29/2007 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.
"We’re Apple. We don’t wear suits. We don’t even own suits." -- Apple CEO Steve Jobs
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