Gigabyte Loses $5 Million in Fraud

Gigabyte has announced losing roughly $5 million USD due to an internal scandal committed by Chang Chaosong, factory manager at Ningbo Gigabyte Technology in China. Chang allegedly listed Gigabyte as a guarantor for a bank loan towards a third party loan, meaning Gigabyte would be liable to repay the loan if the third party did not repay it. Surprise, surprise, the borrowed money was not repaid and Gigabyte was held accountable for the loss. What shocked company officials however, was the fact that Chang, who is no longer with Gigabyte, 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.

News source: DailyTech

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