Error
  • JUser::_load: Unable to load user with id: 67

Featured Articles

5th Generation Broadwell 14nm family comes in three lines

5th Generation Broadwell 14nm family comes in three lines

Intel's 5th Core processor family, codenamed Broadwell, will launch in three lines for the mobile segment. We are talking about upcoming…

More...
Broadwell Chromebooks coming in late Q1 2015

Broadwell Chromebooks coming in late Q1 2015

Google's Chromebook OS should be updating automatically every six weeks, but Intel doesn't come close with its hardware refresh schedule.

More...
New round of Nexus phone rumour kicks off

New round of Nexus phone rumour kicks off

Rumours involving upcoming Nexus devices are nothing uncommon, but this year there is a fair bit of confusion, especially on the…

More...
Nvidia officially launches the 8-inch Shield Tablet

Nvidia officially launches the 8-inch Shield Tablet

As expected and reported earlier, Nvidia has now officially announced its newest Shield device, the new 8-inch Shield Tablet. While the…

More...
Aerocool Dead Silence reviewed

Aerocool Dead Silence reviewed

Aerocool is well known for its gamer cases with aggressive styling. However, the Dead Silence chassis offers consumers a new choice,…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Friday, 02 January 2009 13:13

Computer glitch costs Chinese bank dearly

Written by

Image

A golden opportunity, almost


Someone
at the Industrial and Commercial Bank of China is not a happy camper these days. Due to a computer glitch last week, the bank offered a bid price for gold of 848 yuan per gram, nearly six times more than the actual going rate.

Greedy traders pounced on the offer, although it lasted just 23 minutes, and the Beijing Times thinks these 23 minutes cost the bank 10 million yuan, or $1.46 million. However, the traders' luck didn't last long, as on Saturday the bank posted a statement on its website claiming that its gold trading system had gone ape, and kindly asking users to return the windfall. Under the agreement signed by the users of the bank's gold trading platform, the bank has a right to ask for reimbursement, or at least it thinks it does.

However, on Monday, several differing points of view were offered by numerous lawyers, which isn't much of a surprise as we are, after all, talking about lawyers. Some pointed out the bank had no legal basis for seizing the money, as the clients didn't cheat it intentionally, and should shut up and take the loss caused by its own negligence. Others however, claim the profits constituted "unjust enrichment" and hat to be returned to the bank.

More here.

 

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments