Gionee, a little-known smartphone maker in China, is on the verge of bankruptcy, and if media reports are to be believed, the chairmans gambling habit may have played a role in pushing the company towardbankruptcy.
Gionee chairman admits to gambling
The Chinese-language website Jiemian claimed recently that Gionee Chairman and founder Liu Lirong lost more than 10 billion yuan ($1.4 billion) while gambling at a Hong Kong-listed casino in Saipan. Earlier this year, a Chinese court reportedly froze the founders 41.4% stake in the company due to his unpaid gambling debts.
Although Liu admits he lost money gambling, he says the amount is actually only about 1 billion yuan ($144 million).
I did participate i…
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