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FINDINGS OF FACT
Petitioner, ASAT, Inc., is a corporation organized under the
laws of California. At the time the petition was filed, its
principal place of business was in Palo Alto, California.
Petitioner's Organizational Structure
From December 22, 1988, to at least June 30, 1992 (a period
which includes petitioner's fiscal year ended April 30, 1991, the
year in issue), petitioner was a wholly owned subsidiary of ASAT,
Ltd., a Hong Kong corporation. During its fiscal year ended
April 30, 1991, ASAT, Ltd., was 85 percent owned by a subsidiary
of QPL International Holdings Ltd. (QPL), a Bermuda corporation
with offices in Hong Kong. Mr. Li Tung Lok (Mr. Li) was chairman
of the board and the largest single shareholder of QPL during
1990 and 1991. Petitioner became 95 percent owned by Worltek
International Ltd. (Worltek), a domestic corporation organized in
California, when Worltek purchased 95 percent of petitioner's
stock directly from petitioner on July 15, 1992. On November 9,
1994, QPL acquired 100 percent of the stock of Worltek. Hence,
petitioner, once again, became an indirect subsidiary of QPL.
Petitioner's Business5
Petitioner located semiconductor companies (customers) that
wanted their semiconductor dies put into an assembly package.
These customers contracted with petitioner for assembly services
5 Unless otherwise indicated, descriptions of petitioner's
business pertain to its fiscal year ending Apr. 30, 1991.
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