Beleaguered German rights trader Advanced Medien is to call an annual general meeting after preparations for its 2002 financial report showed that the company incurred a loss amounting to at least half of its capital stock.

According to Advanced, the loss is "primarily due to the valuation allowance for loans to its subsidiary Advanced Licencing North America, Inc., write-offs on the participation value of TSC Technische Systeme Consult GmbH and an impairment loss on film assets."

Only last week Advanced grabbed the headlines when Herbert Jovy, co-founder and former supervisory board chairman, admitted that he had been briefly held in custody at the end of last year under suspicion of insider dealing.

Speaking to Munich daily newspaper Sueddeutsche Zeitung, Jovy claimed that the action had been part of an "intrigue" against him since the suspicion "lacks any basis".