Taipei Times
Date: Jul 13, 2016
By: Lauly Li / Staff reporter

Elitegroup Computer Systems Co (ECS, 精英電腦) shares yesterday plunged by the 10 percent daily limit to NT$17.55 after the company said it is to book US$90.84 million in bad debt for last quarter due to overdue payments from Venezuela.

At a Monday night news conference at the Taiwan Stock Exchange, the motherboard maker said that payments for project-based PC and tablet orders from Venezuela were smooth and on time until the beginning of this year, when international oil prices dropped significantly.

The company won a bid in 2014 for a Venezuelan government order for more than 2 million PCs and educational tablets worth more than US$400 million, ECS chairwoman Lin Kuo Wen-yen (林郭文艷) said.

ECS finished shipping the devices by the end of last year and collected more than US$310 million, Lin Kuo told reporters.   [FULL  STORY]