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Pair of WK Technology executives released on bail

Venture capital mogul and chairman of the WK Technology Fund, Ko Wen-chang (柯文昌), was released on bail of NT$150 million (US$4.7 million) yesterday after being charged with insider trading. Company executive Ho Cheng-chin (何正卿) was released on NT$30 million bail.

The pair, who had been in custody since their arrests on Oct. 26, were barred by the court from leaving the country.

Prosecutors have asked for a 12-year sentence for Ko and a fine of NT$100 million, while they have suggested a nine-year sentence and NT$8 million fine for Ho for violating the Securities Transaction Law (證券交易法).

They are suspected of making illegal profits of up to NT$900 million following the acquisition of Green Point Enterprises Co by US-based Jabil Circuit Inc.

Prosecutors say the fund purchased a large number of Green Point shares between July and December last year before Jabil Circuit, a circuit-board maker, announced the merger in January.

"The judges believe that the two defendants should be released on bail, despite the fact they were charged with serious crimes that could result in a sentence of more than seven years," Taipei District Court spokesman Liu Shou-sung (劉壽嵩) said.

Ko and Ho must report to their local police stations between 7pm and 9pm every day until a verdict is handed down, Liu said

Approached by reporters as he left the courtroom yesterday, Ko said that his firm had helped the economy and shared resources with its domestic rivals.

He said he would prove the prosecutors wrong: "I am confident of proving my innocence in court."
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