Home appliance maker Taiwan Kolin Co (歌林) yesterday denied rumors concerning an alleged embezzlement scheme a day after prosecutors raided its offices, saying the company was only encountering financial difficulties.
Kolin spokesman Hu Cheng-fa (胡成發) said the company’s financial troubles were triggered by its inability to collect accounts receivable from Syntax-Brillian Corp, which is a US TV and digital camera maker with indirect investment from Kolin.
It is understood that among Kolin’s NT$10.69 billion (US$318 million) accounts receivable, NT$5.94 billion should be from Syntax-Brillian.
But as the company has applied for bankruptcy protection, it temporarily suspended its payments to Kolin, the Chinese-language Liberty Times reported yesterday.
In addition, local banks have shrunk the amount of money that can be borrowed at this crucial moment, which led Kolin to run into cash flow problems and bounce its checks, Hu said.
However, Hu stated that the company had submitted its debt claim to the US court for nearly NT$6 billion.
Hu’s remarks came after prosecutors raided the headquarters of Kolin on Wednesday amid speculations that several Kolin officials, including its chief executive officer Liu Chi-lieh (劉啟烈), were alleged to have embezzled several billions of dollars from the Taipei-based company.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
TRANSFORMATION: Taiwan is now home to the largest Google hardware research and development center outside of the US, thanks to the nation’s economic policies President Tsai Ing-wen (蔡英文) yesterday attended an event marking the opening of Google’s second hardware research and development (R&D) office in Taiwan, which was held at New Taipei City’s Banciao District (板橋). This signals Taiwan’s transformation into the world’s largest Google hardware research and development center outside of the US, validating the nation’s economic policy in the past eight years, she said. The “five plus two” innovative industries policy, “six core strategic industries” initiative and infrastructure projects have grown the national industry and established resilient supply chains that withstood the COVID-19 pandemic, Tsai said. Taiwan has improved investment conditions of the domestic economy