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This set was made by JVC. The PAL 240V version was sold here as a JVC. I've had other JVC sets with the "EE" light. From memory it was some sort of auto contrast/brightness setting that used an ambient light sensor (on some models, not sure if this one had it). I think it would light red/orange or green depending on the setting, so you may have a bulb out. It may change when the door is opened so it doesn't interfere when you adjust the manuals controls - much like the door switch that turns off the AFT when the door over the tuning controls is open.
Cut power cords are usually taken by scrappers. When scrap prices are high enough they'll often break sets open to get the yokes, transformers and even internal wiring.
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