A family feud has left the business management of the nation's third largest convenient store, Hi-Life International Co (
Despite Hi-Life claims to be financially viable, one of its biggest shareholders, Wang Chun-chuan (汪圳泉), currently chairman and CEO of Kuang-chuan Co (光泉食品), yesterday claimed that heavy liabilities have forced its re-investment subsidiary into bankruptcy.
"As of end of 2001, Hi-Life had liabilities of some NT$4.1 billion while owning only NT$1.3 billion in assets," Victor Su (蘇聰儒), a lawyer from LCS & Partners (眾信協和), the firm representing Wang, said yesterday at a press conference.
Su said that Hi-Life has further inflicted losses of some NT$1.5 billion since its founding in 1989, adding that "the company's share prices are actually pushed into the red to worth negative NT$68.27 per share."
The lawyer said that it was a painful, yet decent decision for Wang, who owns a stake of over 33 percent, to file for a bankruptcy in courts last Thursday "based on his social responsibilities."
In this way, the company will be refrained from recruiting "new leaguers," who are required to pay a cash deposit of NT$900,000 before opening a new store.
Su, moreover, added that Hi-Life currently owes Wang's Kuang-chuan Co over NT$200 million in payment for goods.
The company's other shareholders, Wang Ling-hsiang (
Hi-Life chairman, Wang Ling-shang and a board member, Wang Se-fa, each of whose fathers owns one third of the company's shares, argued that their uncle's groundless accusation has ruined the company's business reputation while attempting to take up the responsibilities of managing the company.
In a written statement, both junior Wang's claimed that "the company doesn't run into any financial difficulties, owes no bank loans and currently has over NT$200 million in cash."
"Due to management disagreement, Wang Chun-chuan took revenge for failing to break up family properties and getting his share," the company's statement read, adding that Hi-Life will soon file a court application to nullify the bankruptcy claim.
The company's attorney, Lindy Chen (
She added that Hi-Life plans to take a legal action against Wang Chun-chuan.
After earning NT$12 billion last year, Hi-Life said that it aims to open 100 more stores this year with a goal of NT$14 billion in revenues.
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