• Thursday, July 9, 2020

Chinese Drone Giant DJI Unearths $150 Million Losses From Fraud

Discussion in 'China & Far East' started by F-22Raptor, Jan 21, 2019.

  1. F-22Raptor

    F-22Raptor SENIOR MEMBER

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    DJI has unearthed cases of fraud involving its own employees that may trigger losses of about 1 billion yuan ($150 million) for the world’s largest drone maker, marking one of the largest recent cases of graft among China’s technology giants.

    SZ DJI Technology Co., which discovered the corruption in an internal probe, said it’s fired multiple workers who inflated parts costs for personal gain, and contacted law enforcement. The drone maker is still looking into the situation, which is “extensive” and involves a major sum, it said in a statement. The company didn’t say how many employees were involved in the instances of graft.



    DJI, which employs 14,000 people around the globe, is the runaway leader in consumer drones with almost three-quarters of the market. The case exposes a lapse in internal controls at one of the country’s best-known consumer technology giants, a symbol of the rising global reach of a clutch of fast-growing corporations based in the southern metropolis of Shenzhen. Hong Yongxin, a company spokeswoman, confirmed the loss amount separately.


    “We are taking steps to strengthen internal controls and have established new channels for employees to submit confidential and anonymous reports relating to any violations of the company’s workplace conduct policies,” the company said in a messaged statement. “We continue to investigate the situation and are cooperating fully with law enforcement’s investigation.”

    https://www.bloomberg.com/news/arti...nt-dji-unearths-150-million-losses-from-fraud
     
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  2. Path-Finder

    Path-Finder ELITE MEMBER

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    damn!