Akai Holdings sustained a US$1.72 billion loss in the year to January 31, the largest ever in Hong Kong's corporate history. Last year, the parent company of Japan-based Akai Electronics had a loss of US$71.8 million. The maker of consumer electronics said yesterday revenue in the period plunged 65.8 per cent from a year earlier to US$28.1 million. It had a per-share loss of HK$6.47, up sharply from 31 HK cents a year ago. The previous record loss was set by Lai Sun Development in the year to June 30, 1999, at HK$6.83 billion. Akai Holdings' share price dropped 17.4 per cent yesterday to finish at 5.2 HK cents on news of the loss, brokers said. It reported 11 extaordinary-loss items, the largest a US$436.9 million provision for litigation and claims and a US$361.1 million write-down in the value of the company's brand names. Bankers filed winding-up petitions on Akai Holdings, which changed its name from Semi-Tech (Global) in January. At that time, it owed 10 banks HK$3.54 billion. Akai Holdings said yesterday former subsidiary, Tomei International, owed it US$96 million. The company also said it was working with creditors to withdraw a bankruptcy claim against Kong Wah Holdings, a subsidiary. It is not clear whether Akai may need to declare bankruptcy.