Chinese drone maker DJI expects US$150 million loss due to corruption - report

Chinese drone maker DJI expects US$150 million loss due to corruption - report

The world's largest maker of consumer drones, China's SZ DJI Technology Co Ltd, expects losses of more than 1 billion yuan (US$150 million) for 2018 due to internal corruption, the state-run China Securities Journal said on Friday.

The logo of Chinese drone maker DJI is seen at the company's office in New York
The logo of Chinese drone maker DJI is seen at the company's office in New York, New York, U.S., August 11, 2017. REUTERS/Alwyn Scott/File Photo

SHANGHAI: The world's largest maker of consumer drones, China's SZ DJI Technology Co Ltd, expects losses of more than 1 billion yuan (US$150 million) for 2018 due to internal corruption, the state-run China Securities Journal said on Friday.

The newspaper cited an internal company report on corruption, which said that more than 40 people at privately-held DJI had been investigated. DJI did not immediately respond to Reuters' request for comment on the report.

Several Chinese technology companies have recently launched initiatives to stamp out corruption and earlier this month, Beijing-based ride-hailing giant Didi Chuxing said it had dismissed more than 80 employees in 2018 over corruption.

DJI's human resources department was quoted by the newspaper as saying it employed 12,000 people at the end of 2018 and expects to grow to 14,000 by the end of the year.

(US$1 = 6.7730 Chinese yuan renminbi)

(Reporting by Josh Horwitz; Editing by Alexander Smith)

Source: Reuters

Bookmark