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Jan 18, 2019

Corruption at DJI may cost the company $150 million

DJI, the world’s leading maker of consumer drones, said today that extensive corruption discovered within the company could lead to losses as great as $150 million in the 2018 financial year. The exact nature of the corruption is not stated, but it seems to involve dozens of people at the least.

The China Securities Journal, a state-operated finance-focused newspaper, got hold of an internal company report on a corruption investigation that said some 40 people had been investigated so far.

Reuters confirmed with the company that “set up a high-level anti-corruption task force to investigate further and strengthen anti-corruption measures,” and that “a number of corruption cases have been handed over to the authorities, and some employees have been dismissed.”

I’ve contacted DJI for more details.

“Corruption” is a versatile term, especially in China, and depending on who’s accusing whom it can carry political connotations as well. Given the large amount being blamed on the phenomenon here, one imagines it’s on the financial side — misrepresenting costs and earnings to advance careers, that sort of thing. However that is only speculation and we will almost certainly know more as DJI informs its shareholders further on the topic.

from Gadgets – TechCrunch https://tcrn.ch/2HhxRmP

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