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
4/30/2007 1:26:44 PM
Wow what a scary website. No advertising on any of the pages?
Check out the front page and consider the source... GoVNN (pause) are you a facist anti-semite?
4/30/2007 1:54:09 PM
That website isn't the source. The source is reality. Try Google if you want to challenge the data, but like I said - the FACT of jewish media control is not debatable. That's what that word "fact" means.
5/4/2007 8:24:06 PM
Wow, what a site. I searched Minnesota Imam and got no results. I searched google with the same phrase and got 195,000 hits. Talk about censorship. Do these guys work for Yahoo?
"Mac OS X is like living in a farmhouse in the country with no locks, and Windows is living in a house with bars on the windows in the bad part of town." -- Charlie Miller
Gigabyte Calls It Quits on ASUS Alliance
March 25, 2007, 10:47 AM
Google's Gleaming Glass HQ Gets Mountain View Snub, LinkedIn Gets the Love
May 7, 2015, 6:58 AM
Tech's Tax Day Fortunate Few: Qualcomm, Xerox, GE, et al. Pay Little or No Taxes
April 15, 2015, 11:30 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
Most Popular Articles
Free Windows 10 offer ends July 29th, 2016: 10 Reasons to Upgrade Immediately
July 22, 2016, 9:19 PM
Top 5 Smart Watches
July 21, 2016, 11:48 PM
2017 Porsche Panamera: I’ll Take Three of These.
July 24, 2016, 6:44 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 2016 DailyTech LLC. -
Terms, Conditions & Privacy Information