Grande Holdings

Grande Holdings Ltd (zh-t|t=嘉域集團有限公司) (hkse|0186) is a Chinese manufacturer of consumer and professional audio and HiFi components based in Kowloon, Hong Kong.

In the past Grande Holdings has purchased several Japanese HiFi manufacturers including:
Akai, Nakamichi and Sansui. It also owns Kawa a Chinese domestic hifi company, and had owned Singer Corporation, a company best known for its sewing machines. The company has since sold off Singer as a brand.

History

The company was founded by James Henry Ting Wei, a Chinese businessman originally from Shanghai), Christopher Ho, and Stanley Ho (zh-tp|t=何鴻燊|p=Hé Hóngshēn), Macau's richest and most famous entrepreneurs.

Controversy

In 1999 during the Asian Financial Crisis the company courted controversy when one of its main subsidiaries in Hong Kong, Akai Holdings Ltd, fell apart after recording a $1.65 billion loss in 1999, one of the biggest losses in Asian financial history. It resulted in Grande Holdings becoming almost bankrupt, and having to sell much of its subsidiaries and business interests to recoup its loss. [cite web
url = http://www.businessweek.com/magazine/content/02_31/b3794153.htm
title = Businessweek article : Dishonored Dealmaker
language =
accessdate = 2007-03-17
year = 2007]

Regulators and officials in the bankruptcy court had found the company's subsidiary, Akai Holdings Ltd, and its Singer division, had made a number of complex company cross-selling deals which resulted in the destabilisation of Singer and Akai. Officials, through their findings, had found Akai's directors and staff had left their Hong Kong offices, and also found that some $38.5 million had mysteriously disappeared from Akai's funds. It was speculated the money was either siphoned away by money grabbing employees, or deposited in overseas bank accounts.

In November 1999, after the bankruptcy proceedings control of many of Akai's remaining assets mysteriously shifted to Grande Holdings, without any notification to the Hong Kong Stock Exchange, creditors, courts, or other regulatory authorities. The deal was done through a simple and hastily prepared four-page management agreement.

Creditors for Akai say they only learned of the change in corporate ownership in September 2000, when Grande Holdings presented 54 boxes of Akai records to liquidators. Grande Holdings then executive director Samuel K. Yuen denied in a brief telephone interview that Grande had taken over Akai.

Grande Holdings today

Today, the company controls the Akai, Nakamichi and Sansui brands as well as its key assets, including a TV factory in Zhongshan, China. The company also owns Ross Group plc, [cite web
url = http://www.business.com/directory/electronics_and_semiconductors/electronic_components/ross_group_plc/
title = Business.com : Ross Group plc
language =
accessdate = 2007-03-17
year = 2007] a transformer manufacturer in the United Kingdom, and Kawa a Chinese brand of electronics. The company is currently incorporated in Bermuda as an exempted company with limited liability.

References

External links

* [http://www.grandeholdings.com Grande Holdings Limited]
* [http://www.grandeholdings.com/english/company_info.php Grande Holdings Company History]