Chinese smartphone brand Gionee is reportedly on the verge of bankruptcy and its chairman has also admitted to losing over $144-million to gambling in a casino.
Gionee, a long-standing phone manufacturer, is reportedly in dire financial straits, and on the verge of bankruptcy.
According to Android Authority, the company has failed to pay suppliers and has met with them to work on a deal.
Gionee chairman Liu Lirong reportedly lost over ten billion yuan ($1.4-billion) while gambling at a casino in Saipan. But Lirong later told the Securities Times that he had lost over one billion yuan ($144-million), though the chairman claims that he didn’t misappropriate Gionee’s cash to gamble, but suggested that he may have been “borrowing company funds.”
With Gionee seeing a sharp decline in worldwide shipments in Q2 2018, it seems like tough times are ahead for the OEM.