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Apex Tells A Different Story On Arrested Chairman
from the negotiating-tactics... dept
Last week, we noted (with surprise) the story that Apex Digital's chairman had been arrested in China for failing to pay millions of dollars to certain vendors. Well, now, Apex has responded to the claims, suggesting that this is all part of their vendors' attempt to change the terms of their agreements, and, in fact, that they've forced the imprisoned chairman to sign certain documents unfavorable to the company. As for the supposedly missing money, Apex says they've sent the checks regularly, but the company in question, Sichuan Changhong Electric, has never presented them to Apex's bank to cash.
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apex is a good company, sad to see this
Hope the Chinese learn this is not the way to do business, but this is a case where raw power takes precidence over economics or anything else, so I doubt that there will be a resonable outcome, but whatever the guy has to do to get out of China.
The company, Apex was the one to put in features such as mp3 playing and jpeg display and so forth and put out in very low cost players.
Of course now all their competitors are setting back and gloating. Hope they get a taste of the same medicine to see why all should be alarmed with such behaviour out of the country's police getting into what should remain a civil and economic matter.
This makes me not ever want to visit China with any intent of doing business in any way.
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