Ayala-owned Integrated Microelectronics Inc. (IMI) reported heavy losses from its struggling German display subsidiary, VIA Optronics.
IMI said it booked $13.3 million losses from its 50 percent-owned subsidiary VIA in 2024 as it cut back its operating staff in the face of rising competition and logistics costs as well as its inability to bounce back from the COVID pandemic.
A big chunk of the losses or $4.3 million came from its decision to delist from the New York Stock Exchange last year.
The delisting came after VIA ditched former CEO Jürgen Eichner for “cause,” citing material violations of fiduciary duties that led to a loss of trust.
The company uncovered financial irregularities during their investigation, including questionable expense records, personal use of company credit cards, unauthorized bonuses, unearned vacation pay, and undocumented vehicle use—along with other unapproved payments made to Eichner.
Some of these transactions may amount to fraud or embezzlement, and under German law, the company is required to recover any improperly transferred funds. So far, advisors have flagged at least €300,000 (P18 million) to €500,000 (P31 million) in questionable payments, with the possibility of further financial damages.
His firing came after VIA found major weaknesses in its financial controls due to a lack of experienced accounting staff and inconsistent procedures. These issues have affected financial management and reporting accuracy.
But IMI CEO Louis Hughes remains optimistic, VIA made significant strides in innovation and partnerships in the display market.
VIA, which IMI acquired in 2016, collaborated with Antolin to develop “Sunrise” a state-of-the-art integrated cockpit solution in 2024. The project was recently recognized in the Gasgoo Awards’ “Smart Cockpit” category held in Shanghai. More recently, VIA has also partnered with JF Kilfoil, a leading firm supporting the component, interconnect, and printed circuit board manufacturers in the Midwest electronics market. This alliance is designed to drive innovation and deliver solutions addressing touch and camera technology requirements in the US markets.
Author: https://bilyonaryo.com
Source:https://bilyonaryo.com/2025/03/10/ayala-imis-german-flop-via-optronics-13-3-million-down-the-drain-nyse-exit-didnt-come-cheap/business/
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