More Apex Digital damage reported
31 December 2004
US-based Apex Digital, already accused of defaulting on payments to big TV exporter Sichuan Changhong Electric leaving the Shenzhen TV maker US$500m short, reportedly owes Shenzhen DVD player maker Genius for unpaid bills of RMB 35.6m, Reuters reported. The Shenzhen-listed company, also known as Tianjin Tiandatiancai, said it made a provision of RMB 10.5m when it revealed Apex had failed to pay RMB 35.6m for goods supplied. As reported here earlier, Apex, which supplies Wal-Mart Stores among other big US retailers, allegedly stuck Changhong with US$467.5 mn in unpaid bills. Reuters, meanwhile, reported that Apex Digital's Chinese-born chairman, David Ji Longfen, a US passport holder, had been arrested on the mainland.