Chinese drone maker DJI uncovers corruption, sees $150 million loss

A 'Phantom 2' drone by DJI company flies during the 4th Intergalactic Meeting of Phantom's Pilots (MIPP) in an open secure area in the Bois de Boulogne, Paris, in this March 16, 2014 file photo. REUTERS/Charles Platiau/Files

China’s SZ DJI Technology Co Ltd, the world’s largest maker of consumer drones, has discovered several cases of serious corruption at the company and expects 2018 losses of more than 1 billion yuan ($150 million) as a result, it said on Friday.

The company said it was investigating the cases, which came to light during routine quality control in 2018, and that it had handed a number over to the authorities.

DJI condemns any form of corruption strongly and has set up a high-level anti-corruption task force to investigate further and strengthen anti-corruption measures,” it said.

“A number of corruption cases have been handed over to the authorities, and some employees have been dismissed,” it added.

The state-run China Securities Journal cited an internal company report on corruption, which said that more than 40 people at privately-held DJI had been investigated.

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 expected to grow to 14,000 by the end of the year.

Reuters

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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