Berkshire Hathaway officials tell the AP they believe a Taiwan tycoon's accusations against Chinese electric car maker BYD are "unfounded."
Taiwan-based Hon Hai Precision Industry Co. has gone to court in Shenzhen, China with an intellectual property lawsuit against BYD.
Hon Hai is described as the "world's largest contract electronics manufacturer." It makes Apple's iPhone as well as Sony's PlayStation 3 and Vaio laptops.
"Didn't Buffett proclaim that he would only invest in companies that are trustworthy? They why did he invest in BYD which stole commercial secrets from (HonHai affiliate) Foxconn?"
BYD denies the accusation: "This is the malicious attack of a rival. For the time being we will ignore it."...
Wednesday, May 6, 2009
Follow up: "Berkshire Hathaway Doubts Taiwan Tycoon's Accusations Against Buffett's Electric Car Partner" (BRK.A; 1211 [Hong Kong])
On Monday we posted "Taiwanese Tycoon lashes out at Buffett over BYD Investment (BRK.A; 1211 [Hong Kong])" which had Charlie Munger's comments on the accusations. Today CNBC says: