Overseer of Listed Chinese Company Embezzles $8 Million, Uses Funds to Purchase Bitcoin Mining Rigs – Regulation Bitcoin News
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A Chinese examiner is accounted for to have offered a go-ahead to the capture of a recorded large information organization chief blamed for stealing $8 million and utilizing the assets to purchase bitcoin mining rigs. Albeit Li Qunnan has denied the claims, leaders demand their proof ensnares him.
Director’s Unsanctioned Use of Funds Discovered in November 2021
A examiner in Beijing, China, has supposedly endorsed the capture of a previous head of a recorded enormous information firm who is blamed for utilizing falsely obtained assets to buy bitcoin mining rigs. As indicated by the organization’s filings with Shanghai Stock Exchange, the chief, Li Qunnan, is claimed to have stolen about $8 million (55.53 million yuan) from Zhongchang Big Data.
As per one Chinese language report, Qunnan, a previous director of Zhongchang Big Data, is remembered to have misused assets during his residency as a senior leader of the organization. Zhongchang Big Data guaranteed it just became mindful of the chief’s unsanctioned exercises in November 2021 when the organization’s new administration completed an “inspection of the subsidiary companies to standardize the corporate governance.”
After the examination exposed Qunnan as the guilty party that had been misusing reserves, the previous chief is accounted for to have sent an explanation to Zhongchang leaders in which he denied the allegations.
Company Funds Used to Pay for Hosting Fees
However, notwithstanding Qunnan’s refusal, Zhongchang leaders have demanded that he is the guilty party and have delivered proof to help their declaration. For example, the leaders assert that between January to September 2021, their organization paid for “servers” worth $4.1 million, however these don’t show up in its books. Upon examination, the servers were viewed as “Whatsminer mining machine (model: M31S-76T44W), supercomputing server (model S10Pro),” the report said.
Besides paying for the bitcoin mining machines, Zhongchang guaranteed the previous chief additionally utilized the organization’s assets to pay for the facilitating charges which totalled $3.8 million.
Meanwhile, the report said Qunnan has wouldn’t help out agents and is presently remembered to be out of the country.
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Terence Zimwara
Image Credits: Shutterstock, Pixabay, Wiki Commons
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