LONDON – The insolvency administrator dealing with the bankruptcy estate of memory chip company Qimonda AG, Michael Jaffe, has filed an action in the District Court Munich against Qimonda's parent company, chipmaker Infineon Technologies AG, seeking an unspecified amount of money for the estate.
The action asserts that Infineon failed to make certain necessary declarations to the German company registrar as it moved assets through shell companies in association with the setting up of Qimonda as a subsidiary company. Infineon summarizes the administrator's position as being that as Infineon failed to make these declarations it is liable to refund to Qimonda the amount by which the actual company assets of Qimonda at the time insolvency proceedings were opened were less than Qimonda's equity capital.
The amount which Infineon could be liable for has yet to be worked out but the action seeks to establish the principle that Infineon owes the money to the Qimonda estate.
Infineon said that it considers the action is without merit. The creation of the Qimonda memory business was carried out in compliance with all register-related requirements and no objection was raised by the competent court at the time of Qimonda's creation, Infineon said.
Infineon also argues that even if there had been a mistake the consequence of paying money is inappropriate when the action claims there was only a registration-related omission. Infineon said it would defend itself vigorously through all stages of the proceedings.
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