Abit stock downgraded to requiring full delivery

"The TSE also suspects that management at Abit might have embezzled company funds through the issuance of a euro convertible bond (ECB). According to the TSE, Abit invested US$40 million in an offshore company with a book value of only US$3.3 million. The owner of that offshore company then bought a portion of the US$75 million ECB issued by Abit last year.

Abit also converted NT$2.8 billion in accounts receivable from two offshore companies – Apex Venture and Top Beyond – into equity investments early this year, and the two firms then created more than US$100 million in business transactions for Abit in the first half, the TSE noted."
Its all about the money man, and now they are screwed.

Related Web URL: http://www.digitimes.com/mobos/a20041215B2074.html