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BenQ Mobile insolvency lawsuits pile up

Posted: 14 Aug 2007 ?? ?Print Version ?Bookmark and Share

Keywords:BenQ Mobile? insolvency lawsuits? insolvency administrator?

The brawl after the BenQ Mobile insolvency continues: Now insolvency administrator Martin Prager filed another lawsuit against the Taiwan parent company BenQ Corp., following two similar lawsuits filed in mid-July.

The most recent complaint refers to bonus payments of about $38.3 million the parent company had granted to several top managers of the German subsidiary. Since the amount indeed has been paid by the German subsidiary, which shortly afterwards went bankrupt, the insolvency administrator now claims the money back. If the BenQ Corp. won't pay, Prager will reclaim the amount from the recipients.

In this context, the insolvency administrator also has obtained an arrest in BenQ Corp. assets in Germany and in the Netherlands.

In addition, the insolvency administrator has sent an objection note to BenQ Corp., which aims at preventing the planned split of the company into a manufacturing service provider and an entity that pursues BenQ's own brand business. However, BenQ Corp so far failed to react to Prager's move.

In mid-July, the insolvency administrator had filed a lawsuit targeting asset transfers from the German subsidiary to the Taiwan parent company ahead of the insolvency. According to Prager's office, this claim has a value of $110 million.

- Christoph Hammerschmidt
EE Times Europe

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