Also in 2008, Rakon formed a joint venture with (Timemaker) to vertically integrate quartz crystal supply. In 2010 Rakon acquired the company (Temex) in France, supplying frequency control solutions for the space market. In 2011 Rakon opened a joint venture facility, Rakon Crystal Chengdu, in China. The investment was an unsuccessful one, with Rakon exiting from its 80% stake in the Chengdu factory in July 2013. Between 2012-2014, Rakon suffered a drop in revenue and margins and made a series of losses, shedding up to 86% of its market capitalisation compared to five years prior. In August 2013, the NZ Shareholders Association demanded the resignation of Rakon's Chairman, Bryan Mogridge, and another director, Darren Robinson (son of founder Warren Robinson), after the company announced poor results and a $30m write down of assets. Rakon was also fined $30,000 by the NZX after it failed to maintain continuous disclosure obligations over selling 80% of its shareholding in its Chengdu factory. Rakon returned to a small profit in November 2015 but with much reduced revenues compared to pre-GFC levels. Weapons components controversy Since 2005, Rakon has been the subject a number of allegations relating to the use of their products in military applications. Rakon has never denied that they supply products into military applications and have, at various times, stated this accounts for 1% of their output, or 10% of their revenue. In August 2005, the New Zealand Herald quoted Rakon Marketing Director, Darren Robinson, as saying that the company's technology went into "smart bombs and missiles" used by the US military. Rakon denied the claims, stating the company was not privy to the "end-use systems, equipment or applications used by its customers." In May 2006 the New Zealand Herald ran a large expose around Rakon products being supplied to Rockwelll for incorporation in United States Armed Forces 'smart bombs'. The claims were based around the facts that Rakon had known of the end-use of their products since 1994 and may in fact be in breach of New Zealand export restrictions. In July 2006, Rakon was the target of by Global Peace and Justice Auckland (GPJA). During the Israeli attacks on Lebanon in July 2006, GPJA issued a media release appealing "to the Prime Minister to close the loophole which allows New Zealand's Rakon Industries to export parts for Israeli bombs being dropped on Lebanon and Palestine.". Rakon continues to maintain that