Local fixed-line operator Asia Pacific Broadband Telecom Co (APBT, 亞太固網) yesterday filed a lawsuit in Taipei, alleging six former executives of APBT, lender Deutsche Bank and Chinese telephone equipment maker Huawei Technologies Co (華為技術) colluded to divest it of its mobile business assets by arranging an unreasonable bank loan.
It marked the latest countermeasure as APBT tries to fend off Deutsche Bank's plan to sell off APBT's mobile unit, Asia Pacific Broadband Wireless Communications Inc (APBW, 亞太行動寬頻), after the German bank obtained court approval earlier this month.
Under former chairwoman Wang Chin she-ying (王金世英), APBT last March obtained a NT$6.8 billion (US$205 million) bank loan from Huawei and Deutsche Bank, using 1.42 billion shares and all its base stations and telecoms equipment as guarantees.
"The hidden agenda behind the three-way agreement was to allow Deutsche Bank to take over APBW by worsening APBT's financial situation," the fixed-line company said in a statement.
The annual interest rate for the bank loan was unreasonably high at 13 percent, compared to the 4 percent to 8 percent other banks charged on loans the company had previously obtained, APBT said.
Besides, APBW was undervalued, the fixed-line operator said.
Based on this assumption, the statement said, APBT believes former-chairwoman Wang and former vice chairman Wang Lin-tai (王令台) had plotted with former executives of Deutsche Bank's Taipei branch and Huawei's local unit.
As a result, APBT yesterday accused six executives involved in arranging the bank loan of a breach of trust. The firm submitted a lawsuit to the Taipei District Court yesterday.
The defendants include APBT's former chairwoman and former vice-chairman, Cynthia Chan (詹翠芳), former financial executive of Deutsche Bank's Taipei Branch, another executive Max Lin (林永健) and Chen Ching-tang (陳景堂), former chairman of Huawei's local unit.
Financially stricken APBT is under government receivership amid a series of probes into financial scandals involving the Wang clan, who controlled the telecoms firm.
The telecoms company is now seeking a comeback via a capital reconstruction.
"This should be seen as a negotiating ploy to be condemned and rejected outright as a cynical abuse of the legal process," Deutsche Bank spokesman Michael West said in a statement released yesterday.
"Deutsche Bank is confident that the Court will reject the allegations," West said.
The accusations make no reference to the fact that the telecoms firm is aware that the loan in question was negotiated at arms length over six months involving many senior executives and with the guidance of their respected and experienced external legal counsel, the German lender said.
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