Tue, Jun 19, 2007 - Page 12 News List

Creditors concerned over EGM's status

By Amber Chung  /  STAFF REPORTER

Scandal-ridden Eastern Multimedia Group (EMG, 東森媒體集團) yesterday said that operations were normal despite the unexpected detention of its chairman on Sunday night, while jittery creditor banks said they might tighten lending to the company to protect their rights and interests.

"After years of promoting corporate governance and a professional management team, Eastern Multimedia has a solid corporate system. Company operations are normal," the company said in a statement released yesterday.

Sales at the group's Eastern Home Shopping Network (東森得易購) exceeded NT$100 million (US$3 million) yesterday, the same level as usual, it said.

Gary Wang (王令麟), chairman and founder of Eastern Multimedia, was detained again late on Sunday after being released on bail a day earlier.

He is suspected of assisting his father Wang You-theng (王又曾), the fugitive Rebar Group founder, to embezzle funds from the Rebar Group.

Meanwhile, Taiwan Cooperative Bank (合作金庫銀行) said it was reviewing its NT$800 million loan to the Eastern Home Shopping Network, the Chinese-language Economic Daily News reported yesterday.

Hua Nan Commercial Bank (華南銀行) said it would sell the group's pledged properties if the company delayed payments over the next three months, the report said.

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