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Fubon denies allegations of trading irregularities

Fubon Financial Holding Co (富邦金控) yesterday denied allegations of involvement in insider trading of Hsinchu International Bank (新竹商銀) shares in connection with Standard Chartered Bank's acquisition of the Hsinchu lender last year.

"Fubon Financial and all its subsidiaries are not the targets of [government] investigation and were not involved in any illegal trading," it said in a statement.

Earlier yesterday, prosecutors and investigators raided several places, including Fubon headquarters, and questioned several individuals, such as Fubon chief investment officer Daniel Chiang (蔣國樑).

A Fubon executive, speaking on condition of anonymity, said the company would dismiss Chiang if prosecutors were to find evidence of his involvement in any trading irregularity.
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