Free Republic

Chinese police have arrested the chairman of California-based electronics maker Apex Digital Inc., the U.S. Embassy confirmed Thursday, following reports that he was being investigated for financial fraud. David Ji, who founded Apex in 1999, was detained in October in the southern city of Shenzhen, Chinese newspapers had reported earlier. His detention followed an investigation by police in the western province of Sichuan - the home base of Chinese television maker Sichuan Changhong Electric Co., which says Apex owes it $467.5 million, the reports said. "The U.S. Consulate-General in Chengdu, China, has confirmed the arrest of David Longfen Ji," a...

BEIJING, Tuesday, Dec. 28 - China's biggest television exporter announced major losses Tuesday stemming in part from declining sales in the United States and an unfolding financial scandal involving its biggest American customer. The exporter, the Sichuan Changhong Electric Company, announced earlier that it would be reporting its first loss, up to nearly a half-billion dollars, because of unpaid accounts with Apex Digital Inc., a company in Ontario, Calif. A Changhong spokesman, Liu Haizhong, said on Tuesday that Apex Digital owed it $468 million. The spokesman did not specify what period the amount covered. Changhong estimated that it might be...