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BYD Hit by Fraudulent Market Sponsorship Deals
BYD Co. has asked Chinese authorities to investigate a non-employee who allegedly signed big marketing contracts on behalf of the company.
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BYD Co. has asked Chinese authorities to investigate a non-employee who allegedly signed big marketing contracts on behalf of the company.
The electric car company says the illegal dealings began three years ago. The unnamed suspect has signed dozens of deals in BYD’s name since then.
The most recent apparent example is a bogus deal in April that named BYD as an official sponsor of Arsenal, the British soccer club, Bloomberg News reports. BYD says the unidentified suspect is not authorized to conduct business in its name and is not now and never has been an employee of the company.
BYD disclosed some details in June but now says the scope of impact on the ad industry is greater than originally thought, Bloomberg says. The Shanghai Public Security Bureau is investigating.
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