crackedtooth schreef:
[quote=-Anna-]
nog geen delisting vandaag?
wel een sec formulier van iemand uit taiwan met 9 miljoen aandelen.
[/quote]
ligt wat belangrijker
www.sec.gov/Archives/edgar/data/11267...dat is Hung-Chiu Hu
en daarvan weten we:
www.asensio.com/Data/Pdfs/737.pdfJuly 28, 2006
PGWC: More links Emerge Between PGWC and Hung Chiu-Hu.
Several filings of the Securities and Exchange Commission ("SEC") reveal links between Pegasus Wireless
Corporation (NASDAQ: PGWC, $6.96) and Taiwanese national Hung Chiu-Hu who stands accused of embezzling
more than $525 million, which go beyond Mr. Hu serving as a director of Vision 2000 Venture, Ltd ("Vision"), a
major shareholder in PGWC and PGWC’s largest subsidiary (see asensio.com report “PGWC's Links To The ‘Corporate
Scandal Of The Century’” of July 26, 2006).
An individual by the name of John Y. W. Seto was once mysteriously identified as a newly-elected director of Pegasus
Wireless Corp in a company’s press release titled “Pegasus Wireless Corporation Announces Completion of Merger,”
published on December 21, 2004.
Interestingly enough, Mr. Seto never became a director of Pegasus, at least not according to any of the company’s SEC
filings, which do not contain a mention of him.
Yet SEC filings by several other companies establish multiple links between Mr. Seto and Mr. Hu.
Advanced Analogic Technologies Incorporated’s (NASDAQ: AATI $9.28) SEC filings show that Mr. Seto was also a
director of Vision and of AATI. Vision is an AATI shareholder. In the filings by ChipMOS Technologies (Bermuda)
Limited (NASDAQ: IMOS $5.66) both individuals served as directors of IMOS.
Most importantly, Mr. Hu was Mosel Vitelic Inc.’s (“Mosel”) Chairman while Mr. Seto was its Executive Vice President.
Mr. Hu stands accused of stealing hundreds of millions of dollars from Pacific Electric Wire and Cable Corporation
while he served as the company's Director of Finance, through a network of a hundred and forty-six dummy
corporations. Taiwanese newspaper Taipei Times indicated that Mosel, the sole proprietor of Vision, might have also
been a victim of Mr. Hu’s scams.
Several IMOS filings mention a company named Vision2000 Venture, Ltd (“Vision2000”), whose name is identical to
PGWC shareholder Vision without the space between Vision and 2000. According to those documents, the company is
100% owned by Mosel. Mr. Seto also served as a Vision2000 director in 2005, according to filings by Ramtron
International Corporation (NASDAQ: RMTR, $2.30). Also a filing by AATI lists the business address for Vision 2000
Venture Ltd (and Mr. Hu’s) as c/o Mosel Taiwan.
Vision2000 also owns 31.51% of shares of PacMOS Technologies Holdings Limited (HKSE: 1010.HK, $0.72).
An IMOS filing of May 26, 2006 notes that “the indictment relating to Mr. Hung-Chiu Hu alleges that embezzled funds
were used in investments by PacMOS Technologies Holdings Limited, which, as of March 31, 2006, owned 5.5% of
our outstanding common shares.”
As the links between PGWC and Mr. Hu and his scams are fleshed out, the question looms of just how the NASDAQ
allows PGWC to continue to trade without PGWC clarifying how many shares it has outstanding, who owns them andwhat PGWC received for issuing those shares. Perhaps an even more important question is what the NASDAQ will do
about its decision to join PGWC’s stock promotion.
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