Abit accused of questionable financial practices

— 9:45 PM on December 15, 2004

DigiTimes is reporting that the Taiwan Stock Exchange has downgraded Abit's stock due to questionable financial reports filed over the past three years.

Over 70% of Abit’s total import and export business in the first half of this year were conducted through seven Hong Kong-based companies, all of which were located at the same address, with a registered capital of just HK$2 each, the TSE said.
And it gets worse. Abit apparently conducted a significant amount of business without proper shipping documents and converted accounts receivable from two offshore companies into equity investments. The company's management is even accused of embezzling company funds. Abit is expected to release an official statement on the matter later this week.
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