Asia Media CEO resigns after admitting embezzlement

FOUNDER AND CEO of Asia Media, Cui Jianping, has resigned his post after admitting that he misappropriated company assets for his personal benefit.

Asia Media Company Ltd. (AMCL) was the first Chinese company listed on the Nikkei stock exchange in Tokyo, Japan.

It emerged that Jianping had pledged a 106.9 million yuan (£7.81 million or $15.577 million) time deposit that belonged to AMCL subsidiary Beijing Kuanshi Network Technology Company as collateral for a bank loan of 103 million yuan to Beijing Haitun Technology Company without approval from AMCL's board of directors. Jianping had previously managed Beijing Haitun Technology Company. He also used part of the loan proceeds to pay off his personal debts.

Headquartered in Beijing, AMCL provides television program listings and advertising via cable television networks. Beijing Kuanshi Network Technology Company was established in April 2002 and was acquired by AMCL at its founding in July 2004.

AMCL had previously said that it was investigating Jianping's financial activities and was contemplating filing a shareholder lawsuit against him.

Ma Kehe, the new CEO of AMCL, was quoted in the company's statement as saying that AMCL is making management changes and will work to regain investors' confidence. µ

L'Inq
China Tech News