Gionee founder admits to losing â¹1,000 crore in gambling
Chinese smartphone maker Gionee's founder and Chairman Liu Lirong has admitted to losing over $144 million (over â¹1,000 crore) while gambling. This comes as the company is reportedly on the verge of bankruptcy with total debts amounting to $2.44 billion. Around 20 major suppliers have reportedly filed for bankruptcy reorganisation with a Chinese court after Gionee failed to make payments.