Troubled video game developer XPEC Entertainment Inc (樂陞科技) yesterday appointed Ding Wan-ming (丁萬鳴), general manager of its honey cake subsidiary E.G-Sain (一之鄉), as the company’s acting chairman.
Former acting chairman Peter Lee (李柏衡) is to serve as XPEC’s chief financial officer and spokesman, the firm said in a filing with the Taiwan Stock Exchange.
XPEC chairman Aaron Hsu (許金龍) is being held incommunicado by the Taipei District Prosecutors’ Office over allegations the XPEC share price was manipulated.
Ding, a former business reporter, was Hsu’s colleague at the Chinese-language United Daily News 10 years ago.
Over the past few years, Ding has served as an adviser at XPEC and was named general manager of E.G-Sain in June last year.
The Chinese-language Apple Daily said Ding’s appointment was intended to help his long-time friend during the current crisis.
XPEC is in talks with several potential buyers to sell subsidiaries E.G-Sain and coffee shop chain Ikari Coffee (怡客咖啡), Ding said, without elaborating.
The firm yesterday said in a separate filing that Ernst & Young Taiwan had unilaterally terminated its contract with XPEC and ceased providing audit services on Friday last week.
“Ernst & Young said it could no longer offer its services, because the accounting firm thinks the firm’s operations fall beyond its professional and legal scope,” the filing said.
Ernst & Young Taiwan terminated the contract before XPEC is due to release its earnings report for last quarter on Nov. 15, raising uncertainty over XPEC’s ability to comply with the requirements.
XPEC said it is seeking a new audit company to help prepare its quarterly financial statements in a timely fashion.
XPEC shares yesterday fell 6.54 percent to close at NT$17.85, on turnover of more than 3.04 million shares, in Taipei trading.
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