Bloomberg, with staff writer
Walsin Technology Corp (華新科技) shares fell by their 6.9 percent limit after a report said that a Taiwan court, acting on a complaint by a rival, began seizing property and bank deposits from the computer-parts maker.
Yageo Corp (國巨), one of the biggest makers of parts that control the flow of electricity in personal computers, Thursday requested the Taipei District Court freeze NT$3 billion (US$85 million) of Walsin's assets, the Chinese-language media reported.
The court on Thursday also temporarily seized about NT$2 million in cash deposited by Chiao You-heng (
Walsin shares fell as much as NT$2.50, or 6.9 percent, to NT$33.60 in earlier trading. Yageo fell as much as NT$0.80, or 3 percent, to NT$25.60.
The complaint came after Walsin Technology "inappropriately" hired researchers and took technology from a plant Yageo bought from Royal Philips Electronics NV in May 2000, Yageo said in a statement. Yageo acquired the Philips venture at a cost of NT$18 billion, almost twice the price offered by Walsin Technology at that time.
Indeed, the two has been embroiled in heated competition in the manufacturing of multilayer ceramic capacitors (MLCCs) in recent years. MLCCs are passive electronic components used in personal computers.
Yageo said in the statement that, during the past two years, Walsin Technology has solicited every researcher who had been engaged in the research and development of MLCCs at the Philips venture with higher salaries and positions, in order to get the crucial technological know-how.
Yageo said the company had no choice but to sue for the freezing of Walshin's assets -- to safeguard its own intellectual property rights, and to establish a correct business competition model, it said in the statement.
Walsin spokesman Lee Ting-chu (
The company said in a statement to the Taiwan Stock Exchange that the court seizures had no effect on its operations or assets.
Since Yageo had bought two units from Philips in 2000, slowing growth in the world's biggest economies cut demand for computers and mobile phones, cutting prices and narrowing profit margins.
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