Gemstar Fires Ex-CEO Yuen After Trouble Over Testimony
Associated Press
LOS ANGELES -- Media company Gemstar-TV Guide International Inc. fired former Chief Executive Officer Henry Yuen one day after the Securities and Exchange Commission recommended he be jailed for failing to testify in an investigation into the company's accounting practices.
Mr. Yuen and former finance chief Elsie Ma Leung both stepped down from their top management positions in November but remained on the payroll of the Pasadena, Calif., company, which owns TV Guide and provides electronic programming guides.
The company said late Friday that both had been fired and would leave Gemstar's board of directors.
The SEC had asked a federal court Thursday to find Mr. Yuen in contempt for failing to testify as agreed in an investigation of Gemstar's accounting practices. The SEC also asked the federal court in Los Angeles to order him jailed and to impose a fine of $50,000, doubling daily, until he testifies.
Mr. Yuen, who resigned as CEO under pressure from major shareholder News Corp., had agreed in March to a court order compelling him to give testimony in regard to the SEC's investigation of Gemstar-TV Guide. The SEC sought the court order after Mr. Yuen and Ms. Leung had earlier failed to appear under subpoena.
Mr. Yuen's attorney, Stanley Arkin, said he and his client went to the SEC's offices Wednesday and asked to reschedule the testimony because of "some immediately pressing issues," the Los Angeles Times reported Saturday.
Under a court order last month, Mr. Yuen was to testify Wednesday or Thursday.
--- Associated Press |
