Siemens stops payments to BenQ

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Thursday, October 05, 2006

Siemens stops payments to BenQ

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Now that its former mobile phone division has filed for bankruptcy, Siemens has postponed the payment of 100 million euros to the BenQ Group of Taiwan.

Heise.de continues its report:

Siemens CEO Klaus Kleinfeld announced on Wednesday in Munich that the liquidator of BenQ Mobile in Germany has announced that it is not clear whether the money should be paid to the parent company in Taiwan or the bankrupt German subsidiary. Kleinfeld said that this uncertainty allows Siemens to stop payment and place the money on a trust account. Siemens will, however, immediately transfer an additional 50 million euros that clearly belong to the German subsidiary.

Kleinfeld refuse to accept the criticism of the sale of the cell phone division to BenQ a year ago. "In selecting a buyer, the most important criteria in favor of BenQ was its commitment to our locations in Germany." In part, BenQ contractually agreed to keep open and expand these locations. Kleinfeld says he has learned one lesson for future spinoffs: "We will have to take a closer look at potential buyers." Kleinfeld says that the 35 million euros that Siemens is setting aside as emergency aid could be used for a job creation company. But he also pointed out that "Siemens does not have any legal obligations to take action