Mon, Jul 08, 2013 - Page 14 News List

World Business Quick Take

Staff writer, with CNA

SOLAR POWER

Firm not probed: statement

Green Energy Technology Inc (綠能科技), the nation’s biggest solar wafer maker, said the company has not been linked to the newly launched investigation into a number of employees over insider trading, according to a company statement filed to the Taiwan Stock Exchange on Saturday. The investigation has no impact on the company’s financial status or its business, it said. On Friday, investigators searched the offices and houses of 10 high-ranking executives of Green Energy and its parent company Tatung Co (大同) after prosecutors alleged that several executives had sold Green Energy shares in 2011, just before the company slashed its financial forecast to a loss of NT$610 million (US$20.2 million) from pre-tax income of NT$3.55 for 2011. The sale is expected to have helped them prevent loss from a decline in stock price. Company chief executive officer Lin Hur-long (林和龍), president Swean Lin (林士源) and seven other company officials were released on bail on Saturday.

BANKING

Sunny bank to open in China

The Taiwan-based Sunny Bank (陽信商銀) on Saturday said it would open a financial leasing arm in Shanghai on Thursday, making it the fourth Taiwanese non-financial holding company to open a branch in China. Despite the slowing of China’s economic growth, there is a huge demand for financing from Taiwanese businesses in China, the bank said. The financial leasing arms of Shanghai Commercial & Savings Bank, Taichung Bank and Industrial Bank of Taiwan have already established branches in Shanghai. Sunny Bank said it would inject initial capital of US$17 million in the branch for financial leasing purposes.

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