Gionee on the verge of bankruptcy due to inability to pay Suppliers

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Gionee, the popular Chinese smartphone maker seems to be in some kind of a pickle. The company which has seen a huge decline in its worldwide shipment earlier this year in Q2 seems to have a much bigger situation on their hands.

According to rumours, Gionee’s Chairman, Liu Lirong lost more than 10 billion Chinese yuan which is approximately more than $1.4billion while gambling at a casino in Saipan. Liu Lirong did later come out to acknowledge that he indeed lost some money but not the 10Billion Chinese yuan as thought but just 1Billion which is approximately $144million.

He did, however, go on to add that he didn’t actually use the company’s fund to gamble per se and implied that he was merely “borrowing the company funds”. This is might likely be the reason why the company hasn’t been able to pay its suppliers and have met with them to work on a deal.

Anywho, it seems like the future of the company, as well as the future of the chairman in the company, doesn’t look good, that is of course if the rumours about the lost money ($1.4Billion) turn out to be true.

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David

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