Gigabyte loses $5 million to fraud

Jimmy 2004 · Apr 28, 2007

Gigabyte, a company well known for manufacturing computer components such as motherboards, has lost $5 million due to an internal scandal. A factory manager at Ningbo Gigabyte Technology in China, named Chang Chaosong, listed the company as a guarantor for a bank loan of $5 million towards a third party, meaning that Gigabyte would be held responsible for repaying the loan if the third party did not. As things happened, the third party company (which is not named) did not repay the money, leaving Gigabyte out of pocket. The deal had been carried out by Chaosong without the company's permission, leading to him being fired whilst Gigabyte investigates deeper into the matter. Gigabyte commented that this loss greatly damaged its shareholders' rights and interests and that the company now intends to strengthen its management of human resources to prevent such incidents in future.

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Chewy · Apr 28, 2007

Ooo crap.. to bad for the shareholders.. maybe one of them is in the Tokyo or Chinese mob though . lol

sinner33 · Apr 28, 2007

Hope this isn't too bad for the company. I like their new theme of all solid capacitor on their motherboards, which I just so happen to have one. :toast:

WarEagleAU · Apr 29, 2007

Gigabyte has cranked things up a notch with the motherboards and accessories. Kudos to them for that and bad form to this Cho-Chang person.

spectre440 · Apr 29, 2007

shame that a decent company gets ripped off like that by some A-hole...

but i figure 5 mil must not be that much for the company... they probably make that in like a week...

Taz100420 · Apr 29, 2007

I have had great luck with Gigabyte boards. Its just too bad ppl take advantage of things. Damn thieves!

zekrahminator · Apr 29, 2007

All computers I build now are made with Gigabyte boards, every one of them is stable, fully featured, competitively priced, and powerful. I'm glad that Gigabyte puts the money into making sure this same incident doesn't happen twice. You know the old saying: Fool me once, shame on you, fool me twice, shame on me.

At least they didn't fall for the classic Nigerian "phishing" scam

"Dear sir/madam, I am a Nigerian with a fuckton of cash. Give us your bank account number, and we'll give you some. Lawl".

DaMulta · Apr 29, 2007

5 million is nothing in big business.

Taz100420 · Apr 29, 2007

DaMulta said:
5 million is nothing in big business.

but hey its 5 mill they coulda had in thier pockets

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Gigabyte loses $5 million to fraud

Jimmy 2004

New Member

Chewy

sinner33

New Member

WarEagleAU

Bird of Prey

spectre440

New Member

Taz100420

zekrahminator

McLovin

DaMulta

My stars went supernova

Taz100420

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