Macronix International Co (旺宏電子) executives didn't commit insider trading, the Taiwan Stock Exchange said, after completing an investigation of the nation's largest maker of chips for consumer electronics.
The investigation was triggered this month when Macronix cut its full-year earnings forecast to a loss from a profit, Huang Ni-kuan, vice president of the exchange's market surveillance department, said in an interview.
"The sharp forecast revision triggered our surveillance system, but we have determined that there was no trace of insider trading on Macronix International shares," Huang said.
Macronix shares were traded higher yesterday after the exchange cleared it of possible insider trading, closing up NT$0.25, or 1.75 percent, at NT$14.55.
The investigation comes amid growing investor concern worldwide about false accounting following scandals in the US that included the collapse of Enron Corp and WorldCom Inc's admission that it had misrepresented expenses to boost profit.
The company said on July 3 it expects a loss of NT$9.6 billion (US$285 million), compared with an earlier forecast of a profit of NT$927 million. It cited competition among game-console makers for the change. Nintendo Co, the world's second-biggest console maker, is its biggest customer.
Meanwhile, the exchange yesterday denied local media reports that it's investigating the accounts of Phoenix Precision Technology Corp, United World Chinese Commercial Bank, China United Trust & Investment Co, Hua Nan Financial Holdings Co and Shinkong Financial Holding Co.
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