Feeds

BenQ administrator threatens to sue Siemens

Irregularities claimed

Providing a secure and efficient Helpdesk

Was BenQ Mobile insolvent in May 2006, long before it filed for liquidation? The company's insolvency administrator in Germany, Martin Prager, is preparing a multi-million euro lawsuit against Siemens in the belief that it was.

German paper Die Welt broke the news on Saturday, but initially a spokeswoman for the insolvency administrator declined to comment. Today Prager confirmed the story to Sueddeutsche Zeitung after talks with Siemens ended without agreement.

Prager claims to have found irregularities in the transfer of operations of Siemens' mobile phone division to BenQ, and that the assets of the division might have been wrongly assessed.

Prager had already sued BenQ for compensation to the tune of €100m, but this amount could easily climb to €500m.

Taiwanese BenQ took over Siemens' ailing mobile phone business in 2005. One year later, the unit filed for insolvency as the company failed to turn the tide against fierce competition from Nokia and Motorola. About 3,000 workers lost their jobs.

Computers, office furniture, building and other material assets were being sold off by a Hamburg auction house to be set against liabilities of $1.16bn.

Prager's actions are the latest batch of bad news for Siemens, which tomorrow will announce a four per cent headcount cut among its 435,000 employees, including 6,400 job losses in Germany alone.

Its joint venture with Fujitsu isn't looking too healthy either. Fujitsu Siemens today said it had a very difficult Q2, with computer and notebooks sales sliding dramatically. ®

Security for virtualized datacentres

More from The Register

next story
TEEN RAMPAGE: Kids in iPhone 6 'Will it bend' YouTube 'prank'
iPhones bent in Norwich? As if the place wasn't weird enough
Consumers agree to give up first-born child for free Wi-Fi – survey
This Herod network's ace – but crap reception in bullrushes
Crouching tiger, FAST ASLEEP dragon: Smugglers can't shift iPhone 6s
China's grey market reports 'sluggish' sales of Apple mobe
Sea-Me-We 5 construction starts
New sub cable to go live 2016
New EU digi-commish struggles with concepts of net neutrality
Oettinger all about the infrastructure – but not big on substance
PEAK IPV4? Global IPv6 traffic is growing, DDoS dying, says Akamai
First time the cache network has seen drop in use of 32-bit-wide IP addresses
EE coughs to BROKEN data usage metrics BLUNDER that short-changes customers
Carrier apologises for 'inflated' measurements cockup
Comcast: Help, help, FCC. Netflix and pals are EXTORTIONISTS
The others guys are being mean so therefore ... monopoly all good, yeah?
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.