Drone company DJI loses $150 million to corruption – Venture Beat

What happened: Chinese drone-maker DJI has published an anti-graft announcement that places 45 former or current employees under investigation for allegations of fraudulently elevating product prices. Of the total, 16 have been sent to the police and 29 have been dismissed by the company. DJI said it expects losses to exceed RMB 1 billion ($150 million) as a result of the incidents.

Why it’s important: While facing rising external competition, China’s tech companies are confronted with more and more internal pressure from corruption. DJI’s news is not a single case. Tech giants including Tencent, Baidu, Huawei, JD, and Meituan-Dianping have all launched similar initiatives in an effort to stamp out corruption. In a recent case, ride hailing-giant Didi dismissed more than 80 employees last year for fraud, bribery, and information breaches.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.