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BenQ rejects $634M claim from bankrupt German mobile unit

Posted: 28 Mar 2007 ?? ?Print Version ?Bookmark and Share

Keywords:electronics manufacturer? bankrupt mobile phone unit? company insolvency?

Taiwan consumer electronics maker BenQ Corp. rejected claims Monday (March 26) that it owes $634 million to creditors of its bankrupt German mobile phone unit, and also said it did not surreptitiously drain the unit of several million euros shortly before sending it into insolvency.

BenQ, in a statement, said it "does not believe there is a legal basis" for claims made by the unit's insolvency administrator, Martin Prager. He is trying to recover the money as part of an effort to repay around $1.6 billion owned to creditors by Benq Mobile GmbH & Co.

The parent company also defended its move to transfer assets from the mobile unit. BenQ said the transfer "was actually outstanding payment for goods sold and shipped to [the unit] from BenQ Corp and its affiliates. In fact, there was still account receivables of approximately $216 million by [the unit] at the time of the insolvency."

- Mike Clendenin
EE Times

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