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BenQ Reports Wider Losses For Year, Q4

3/21/2007 11:46:00 AM Eastern

Taipei, Taiwan — BenQ reported wider losses for 2006 and the fourth quarter as it continues to deal with allegations of insider stock trading by top executives following the acquisition of the Siemens MD handset business.

A statement from said core business sales for the year were $5.98 billion with its after-tax lass for the year being $832.6 million, and, according to a report, the 2005 loss was $157.7 million. BenQ’s net loss for the quarter, ended Dec. 31, 2006, was $238 million, higher than the $181 million loss in the previous fourth quarter, according to the Wall Street Journal report.

BenQ’s board approved the formation of a taskforce to review and report on the losses attributed to the acquisition of Siemens MD. The board also rejected chairman K.Y. Lee’s tender of resignation. BenQ said in a statement that the board wants Lee to “continue his role to reach the target of turning around the company as soon as possible.”

In regards to the ongoing investigation, the board expressed its support in BenQ’s management team. But in order to avoid any controversy, the board requested the management team to consult with the opinion of legal counsels and relevant experts to solidify the relevant regulations which will be discussed in the next board meeting, the company said.

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