Gionee Chairman's Gambling Preceded Bankruptcy

In November 2018, reports revealed that a man named Liu Lirong, Gionee's founder and chairman, had lost more than 1 billion yuan, about $144 million, gambling at a casino in Saipan. Liu denied misusing Gionee's money but admitted that he might have borrowed company funds. Meanwhile, the Chinese phone maker had stopped paying suppliers, and 20 of them sought bankruptcy reorganization. In December 2018, the Shenzhen Intermediate People's Court accepted an application for Gionee's bankruptcy liquidation.

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