AKAI was founded originally as AKAI Electric Company Ltd in Tokyo, Japan, in 1946. Grande Holdings in Hong Kong purchased the AKAI brand, and now distributes various electronic products such as LED TV, washing machines, clothes dryers, air conditioners and smart phones, through collaborations with other electronics companies bearing relevant expertise. inMusic Brands in the United States took over AKAI's brand, starting the AKAI Professional’ label, that distributes high-end audio electronics products. AKAI's products included reel-to-reel audiotape recorders (such as the GX series), tuners (top level AT, mid level TR and TT series), audio cassette decks (top level GX and TFL, mid level TC, HX and CS series), amplifiers (AM and TA series), microphones, receivers, turntables, video recorders and loudspeakers. The company's business eventually became troubled and it left the audio industry in 1991. At its peak in the late 1990s, AKAI Holdings employed 100,000 workers and had annual sales of HK$40 billion (US$5.2 billion). The company filed for insolvency in November 2000, owing creditors US$1.1B. It emerged that ownership of AKAI Holdings had somehow passed in 1999 to Grande Holdings, a company founded by AKAI's chairman James Ting. The liquidators claimed that Ting had stolen over US$800m from the company with the assistance of accountants Ernst & Young who had tampered with audit documents going back to 1994. Ting was imprisoned for false accounting in 2005, and E&Y paid $200m to settle the negligence case out of court in September 2009. In a separate lawsuit, a former E&Y partner, Christopher Ho, made a "substantial payment" to AKAI creditors in his role as chairman of Grande Holdings. AKAI produced consumer video cassette recorders (VCR) during the 1980s. The AKAI VS-2 was the first VCR with an on-screen display, originally named the Interactive Monitor System. By displaying the information directly on the television screen, this innovation eliminated the need for the user to be physically near the VCR to program recording, read the tape counter, or perform other common features. Within a few years, all competing manufacturers had adopted on-screen display technology in their own products.
