Gemstar, of which Henry C. Yuen is the inventor and founder, is accused of improper bookkeeping in recording about $20 million in revenue over the last year, in addition to more than $100 million in revenue without actually receiving any money in recent years.
News Corporation which holds 43 percent of Gemstar-TV Guide International has been trying to oust Mr. Henry C. Yuen and Gemstar's chief financial officer, Elsie M. Leung. Gemstar said that Mr. Yuen and Ms. Leung had submitted a proposal to the company's board to revamp Gemstar. News Corporation reported the company's total loss on Gemstar this year about $5.8 billion.
Henry Yuen is considered as one of the most successful Asian entrepreneurs. Back when he was a mere attorney and TRW research mathematician, Yuen couldn't figure out how to program his VCR to record a Red Sox game. That bit of frustration inspired Yuen and college buddy Daniel Kwoh to invent the VCR Plus, giving their Gemstar International a core product around which to stake its claim as gatekeeper in the world of electronic entertainment.