Company Gionee on the verge of bankruptcy after the failure in payment to suppliers


May not be the Chinese company Gionee, the specialized in the manufacture of smart phones known like other companies such as Huawei and Xiaomi, but she carved a niche for itself in the market, not only in China but in other Asian markets as well. Stood the company is already ranked sixth, behind Apple in terms of sales volume of smartphones in China in time. However, it seems that the company Gionee is now facing the risk of bankruptcy after he admitted the CEO of the company recently that used the company’s funds while gambling at a casino.

The initial reports had indicated that the chairman of the board of directors and CEO of Gionee, Mr. Liu Lirong had bet the equivalent of 1.44 billion USD of funds of the company in one of the casinos in Hong Kong. The response to these reports confess that while he was fighting in Saipan, but he did not lose more than a million USD. When asked about amount lost while gambling, said Liu Lirong that slightly more than one million Chinese yuan, equivalent to 140 million USD.

He added in the interview that maybe he had confused his own property and the property of the company, has been known about him that he says the best money many years ago for personal reasons. As a result of all that, the company Gionee is on the brink of bankruptcy where no longer suppliers provide components to the company because of unpaid invoices. Stated Liu Lirong in the interview that the company’s debt of about 17 billion yuan knew that the 10 billion yuan of which owes the banks.

Denied the president of the board of directors and the CEO of Gionee to be the company’s financial problems linked to, indicating that the company Gionee lose money since 2013.


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