Gigabyte suffers a loss of $5million in fraud
Gigabyte recently announced that it had lost approximately $5 million USD due to an internal scandal committed by one of its regional managers.
A manager- Chang Chaosong from Ningbo Gigabyte Technology in China, was responsible for the fraud due to his weird actions. He purposely listed Gigabyte as a guarantor for a bank loan towards a third party loan. If the third party dint pay then gigabyte is liable to the it. And unfortunately the third party dint pay it and ultimatey Gigabyte was held liable and to pay the amount.
The biggest matter of concern was that Mr Chang did not request company permission before setting up the transaction. He will no longer be with Gigabyte, Gigabyte is currently investigating on the fraud commited.
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