Electronics Production |
BYD tries to postpone lawsuit filed by Foxconn
China based BYD Co., Ltd. has submitted an application to the Hong Kong High Court to postpone a lawsuit filed by Taiwanese EMS provider Foxconn International Holdings Limited in October 2007.
The move is believed to ensure an independent listing of the company's electronics business. However, Foxconn opposes BYD's application and unveil reasons for the new lawsuit in a statement.
Foxconn earlier filed two lawsuits alleging two former employees at Foxconn's subsidiaries disclosed business secrets to BYD. Later, Foxconn revoked one of the lawsuits and submitted a new one in early October, claiming CNY 6.507 million in total. Now, the lawsuit is still subject to judgment.
BYD also considers spinning off its electronics unit engaged in cellular components for an independent listing on the Stock Exchange of Hong Kong.
