Chairman of TV and DVD player importer Apex arrested in China

December 30, 2004

CBS
Marketwatch reports that the chairman (David Ji) of Apex, one of
the best selling DVD player brands in the United States, has been arrested in
China. The company which also sells TVs, digital cameras and home theatre
systems has not paid several millions of dollars according to two Chinese
companies. The US Embassy has reported that David Ju has been arrested, the
Chinese media reported that he has been detained on fraud
charges.

Two Chinese firms reportedly say Apex, which is based
in Ontario, Calif., owes them millions of dollars.Genius, which makes DVD
players, says it is owed $4.3 million, while TV maker Sichuan Changhong
Electric says the US firm owes it $467.5 million.

Shares of China's Sichuan Changhong Electric fell sharply in Shanghai
earlier this week after reports that it had warned of a $317.5 million
loss due to an inability to collect payments from Apex, which is its U.S.
distributor

Due to the news the shares of the
affected companies felt down sharply. Discuss Apex DVD players in our Stand Alone Devices & Home
Entertainment Forum.

Source: CBS MarketWatch