Companies everywhere is making their way up and falling down in the same time;making themselves huge in this profit hungry and competitive market of everything and anything is tough but not impossible.Just like that companies going bankrupt is not a new news;but the way a company gone bankrupt truly is!
Gionee,a name we are quite familiar with has gone bankrupt in a totally bizarre way.This is a Chinese mobile manufacturing company which made huge in the profit market,but went into financial crisis last year.
This company had a huge hold in the Indian market also.Now,Gionee owes approximately $3 billion to its six hundred and forty eight creditors.
Gionee’s founder chairperson Liu Lirong lost over ten thousand crores in a casino while illegally betting his company funds.Though he refused to accept earlier but he did borrow a huge amount from his company.
This company was practically under loss,loosing huge sums like $100 million over the past years.But,Liu’s over confidently betting binge pushed this company to its own edge.
Huaxing Bank has already filed a case against Gionee;and a court based in Shenzhen has also accepted the company’s plea for liquidation bankruptcy.
Maybe Liu took this cue of making money through gambling from Fredrick W.Smith,Founder CEO of FedEx;but it is bad luck that really didn’t allow the dice to be on his side.