Unfortunately corruption is everywhere. Even in the largest companies in the world. Xiaomi is no exception. The Chinese company sent a memorandum to its employees that two of them had been fired for corruption.
At issue are officials who have seized their positions at the Asian giant in order to gain bribes and facilitate business with family.
Xiaomi Corruption Cases Explained
One of the brand's employees, who was not mentioned, seized the position to assign business to a family business. This goes against the statute of the company that aims not to favor business of family and friends.
Already the second employee accepted bribes so that other companies could create business with Xiaomi. The Chinese manufacturer is one of the most powerful in China and any company that can partner with the brand achieves almost guaranteed success.
Xiaomi forced employees to return all the money they accepted in return for favors and reported the case to the Chinese authorities. That is, in Xiaomi the crime does not pay.
Xiaomi has to look at the accounts in detail
As much as the brand has a huge reputation in the world and is one of the largest smartphone makers on the planet, Xiaomi needs to look at the accounts in detail. This is because the CEO said that the brand will never make more than 5% profit on selling its products. That is, if the profit is low, it is important that the expenses are controlled in order to make money.
Stock market entry did not go as expected
Although entry into the stock market has boosted the accounts and increased investment considerably, it is far from what it was projected.
Therefore, Xiaomi has to prove to shareholders that it is worth the money invested. Making this case of corruption public is a good example and confirmation that the manufacturer is attentive to the details.
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