Taipei Times
Date: Sep 10, 2016
By: Ted Chen / Staff reporter
Game developer XPEC Entertainment Inc (樂陞科技) yesterday said that it would take legal recourse against CTBC Bank Co (中國信託銀行) over alleged shortcomings in overseeing a deal that collapsed, sending its share price tumbling.
The announcement reverses XPEC’s earlier decision to not press charges against the bank in the face of a protracted legal battle as financial regulators and prosecutors investigate suspected wrongdoing in the failed tender offer from Bai Chi Gan Tou Digital Entertainment Co (百尺竿頭) of Japan.
“The company will press charges against CTBC Bank in the event that authorities deem the bank responsible for irregularities or oversight, in a bid to preserve the interests of our shareholders,” XPEC said in a statement.
Serving as the deal’s depository bank, CTBC Bank on Aug. 22 filed a request with local regulators to extend Bai Chi’s NT$4.86 billion (US$154 million) acquisition of a 25.71 percent stake in XPEC until Aug. 31, after the Japanese firm missed an Aug. 19 deadline to provide the required funds. [FULL STORY]