backtop


Print

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.





"A lot of people pay zero for the cellphone ... That's what it's worth." -- Apple Chief Operating Officer Timothy Cook
Related Articles
Gigabyte Calls It Quits on ASUS Alliance
March 25, 2007, 10:47 AM







Latest Blog Posts
In The News
Saimin Nidarson - Dec 7, 2016, 5:00 AM
Apple Car is Not Dead
Saimin Nidarson - Dec 5, 2016, 1:00 AM
More News
Saimin Nidarson - Dec 4, 2016, 5:00 AM
More News
Saimin Nidarson - Dec 3, 2016, 5:00 AM
Top News
Saimin Nidarson - Dec 2, 2016, 5:00 AM
Top Stories
Saimin Nidarson - Nov 28, 2016, 1:12 AM
News: Fidel Castro
Saimin Nidarson - Nov 27, 2016, 5:00 AM
Top News
Saimin Nidarson - Nov 26, 2016, 5:00 AM
Top Stories
Saimin Nidarson - Nov 22, 2016, 2:26 AM
Headline News:
Saimin Nidarson - Nov 21, 2016, 1:00 AM






botimage
Copyright 2016 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki