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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Business

Foxconn Employee Faces Ten Years for Massive Theft

Image: Via Flickr/Yutaka Tsutano Image: Via Flickr/Yutaka Tsutano
Image: Via Flickr/Yutaka Tsutano Image: Via Flickr/Yutaka Tsutano

A manager at Foxconn, part of Apple’s manufacturing chain, can face up to ten years in jail for stealing iPhones and selling them. The manager, who is only being identified by the name Tsai, sold over 5,700 iPhone’s to stores in Shenzhen, China, between the years of 2013-2014.

It is reported that Tsai had eight other employees remove iPhone 5 and iPhone 5s, which were marked to be scrapped, from the manufacturing line and sold them throughout China. Tsai and his comrades collected a total of $2.2 million before they were discovered.

The thieves were caught during one of Foxconn’s internal audits and reported to the Taiwanese authorities. Earlier this year, Tsai and his accomplices were arrested and charged with breach of the company’s trust but have since been released on bail.

Foxconn has a history of poor working conditions which, in the past, has led to employee suicides. The company also didn’t do too well during the first quarter of 2016. Their profits declined by thirty percent and as opposed to recent yearly earnings of NT (New Taiwan) $25.7 billion, they only made NT $17.7 billion this year.


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