In a separate lawsuit, a former E&Y partner, Christopher Ho, made a "substantial payment" to Akai creditors in his role as chairman of Grande Holdings. Ting was imprisoned for false accounting in 2005, and E&Y paid $200m to settle the negligence case out of court in September 2009. The liquidators claimed that Ting had stolen over US$800m from the company with the assistance of accountants Ernst & Young who had tampered with audit documents going back to 1994. It emerged that ownership of Akai Holdings had somehow passed in 1999 to Grande Holdings, a company founded by Akai's chairman James Ting. The company filed for insolvency in November 2000, owing creditors US$1.1B. At its peak in the late 1990s, Akai Holdings employed 100,000 workers and had annual sales of HK$40 billion (US$5.2 billion). The company's business eventually became troubled and it left the audio industry in 1991. ( 赤井電機株式会社, Akai Denki Kabushiki Gaisha), a Japanese manufacturer in 1929 or 1946. 3.7.10 Standalone Multi-track Audio RecordersĪkai was founded by Masukichi Akai and his son, Saburo Akai (who died in 1973 ) as Akai Electric Company Ltd.
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