Cui Jianping, founder and CEO of Asia Media Company Limited, the first Chinese company listed on the Tokyo Stock Exchange Market in Japan, has resigned, after taking the blame for embezzling the company's funds.
AMCL announced on its Japanese-language website that Jiang had embezzled the company's asset without the approval of the board of directors and used a CNY106.9 million time deposit of Beijing Kuanshi Network Technology Company, a wholly-owned company of AMCL, to sponsor a bank loan of CNY103 million for Beijing Haitun Technology Company which he previously managed. In addition, he used part of the funds to pay off his personal debt.
Ma Kehe, the newly appointed CEO of AMCL, says that the incident has posed a big blow to the investors of AMCL which is now making adjustments on its management and advancing its business to resume investors' confidence in the company.
Previously, AMCL said that it would ascertain Jiang's responsibilities and might file a shareholder lawsuit against him.
Established in July 2004, AMCL is a Beijing-based company that specializes in providing television program guides via cable television networks and television advertisement services. Set up in April 2002, Beijing Kuanshi Network Technology Company became a wholly-owned subsidiary of AMCL in July 2004.