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BenQ's VP Detained For Illegal Transactions
March 16, 2007 |
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Suspected of conducting dubious financial transactions, Eric Yu, senior vice president at BenQ, has been detained by Taiwanese police and finance managers Alex Liou and Billy Liou were arrested and then released on bail.
BenQ made an announcement on Wednesday, saying that their offices in Taoyuan and Taipei had been raided by the police and the sudden check had something to do with the company's payment of bonuses to its overseas employees.
The BenQ spokesperson says that they will fully cooperate with the investigation.
In 2005, BenQ purchased Siemens' handset unit, but the company failed to build it into much of anything. Following the detention of Yu, BenQ's stock dropped dropped by 7% to its lowest level in years, as investors started to question the company's corporate governance.
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