Akai's Shocking Rise to Fame in Just 1 Year

Описание: AKAI: Rise/Fall/Broke . The company's business eventually became discombobulated and it left the audio industry in 1991. At its peak in the late 1990s, Akai Holdings employed 100,000 workers and had annual sales of HK$40 billion (US$5.2 billion). The company filed for insolvency in November 2000, owing creditors US$1.1B. It emerged that ownership of Akai Holdings had somehow passed in 1999 to Grande Holdings, a company founded by Akai's chairman James Ting. The liquidators claimed that Ting had stolen over US$800m from the company with the assistance of accountants Ernst & Young who had tampered with audit documents going back to 1994.Ting was imprisoned for false accounting in 2005,[and E&Y paid $200m to settle the negligence case out of court in September 2009.[8] In a separate lawsuit, a former E&Y partner, Christopher Ho, made a "substantial payment" to Akai creditors in his role as chairman of Grande Holdings.


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