Shin Kong Mitsukoshi Depart-ment Store (新光三越) said yesterday it was actively negotiating with its Chinese partner to maintain normal operations at its Beijing joint venture in order to safeguard customers and suppliers' interests.
The company's remark came amid news that Steven Wu (吳昕達), general manager of Shin Kong, was detained by his Chinese partners because of a difference in opinion over the Beijing store's operations.
Shin Kong and China's top retailer, Beijing Hualian Group (
In a statement issued yesterday, Shin Kong said that management had acted in a "decent manner," rejecting claims by its Chinese partner that some Taiwanese executives at the venture had used improper business practices for personal interests.
The Chinese-language China Times reported yesterday that Hualian had accused Shin Kong managers in Beijing of taking bribes and had reported the matter to the police.
Hualian's spokesman could not be reached for comment.
Shin Kong also said it did not discuss "selling its stake in the venture" during talks with its Chinese partner.
The company added that it has built a solid reputation in Taiwan, with 16 years of experience in the retail business and has become the nation's largest department chain operator.
Macronix International Co (旺宏), the world’s biggest NOR flash memory supplier, yesterday said it would spend NT$22 billion (US$699.1 million) on capacity expansion this year to increase its production of mid-to-low-density memory chips as the world’s major memorychip suppliers are phasing out the market. The company said its planned capital expenditures are about 11 times higher than the NT$1.8 billion it spent on new facilities and equipment last year. A majority of this year’s outlay would be allocated to step up capacity of multi-level cell (MLC) NAND flash memory chips, which are used in embedded multimedia cards (eMMC), a managed
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