Shin Kong Financial Holding Co (
The office said the two sold more than 2,000 shares of Shin Kong Financial before the company publicly released its merger plan and revised downward its financial forecast.
Shin Kong Financial Holding Co is the nation's seventh-largest financial service group in terms of assets.
"The two Wus were indicted for violating the Securities Transaction Law (
Lin said that on June 25, 2002, Shin Kong Financial announced the nation's first merger plan between two financial holding companies -- Taishin Financial Holding Co and Shin Kong Financial Holding Co. Meanwhile, it also revised downward Shin Kong Financial's profit forecast for the year, from an initial NT$3.96 billion (US$124 million) gain to an after-tax loss of NT$8.82 billion.
Lin noted the two Wus knew that the announcement would hurt the company's share price. So on June 19 and June 20, Eugene Wu sold 1,510 Shin Kong Financial shares, and on June 13, Wu Tung-hsiung, at the time the Shin Kong Financial's advisor, borrowed 650 shares in the company.
Prosecutors say Eugene Wu then sold those shares through two companies. Although Wu denies the sale, the companies' staff has admitted selling the shares for Wu, Lin said.
Lin said the two Wus profited substantially from the share sales.
Prosecutors chose not to indict Taishin Financial's chairman Thomas Wu (
Lin said although the five sold more than 30,000 Shin Kong Financial shares just before June 25, 2002, there was no evidence proving that they had inside information. In particular, prosecutors said that although Thomas Wu and the others likely knew about the merger plan, there's no evidence proving that they knew that Shin Kong's earnings outlook would be revised sharply downward.
The merger plan was scrapped eight days later. Taishin Financial's Thomas Wu decided to nix the deal primarily because of Shin Kong Financial's revision of its earnings forecast, which caused Taishin to lose confidence in Shin Kong Financial's financial situation.
Japanese footwear brand Onitsuka Tiger today issued a public apology and said it has suspended an employee amid allegations that the staff member discriminated against a Vietnamese customer at its Taipei 101 store. Posting on the social media platform Threads yesterday, a user said that an employee at the store said that “those shoes are very expensive” when her friend, who is a migrant worker from Vietnam, asked for assistance. The employee then ignored her until she asked again, to which she replied: "We don't have a size 37." The post had amassed nearly 26,000 likes and 916 comments as of this
US President Donald Trump said "it’s up to" Chinese President Xi Jinping (習近平) what China does on Taiwan, but that he would be "very unhappy" with a change in the "status quo," the New York Times said in an interview published yesterday. Xi "considers it to be a part of China, and that’s up to him what he’s going to be doing," Trump told the newspaper on Wednesday. "But I’ve expressed to him that I would be very unhappy if he did that, and I don’t think he’ll do that," he added. "I hope he doesn’t do that." Trump made the comments in
Tourism in Kenting fell to a historic low for the second consecutive year last year, impacting hotels and other local businesses that rely on a steady stream of domestic tourists, the latest data showed. A total of 2.139 million tourists visited Kenting last year, down slightly from 2.14 million in 2024, the data showed. The number of tourists who visited the national park on the Hengchun Peninsula peaked in 2015 at 8.37 million people. That number has been below 2.2 million for two years, although there was a spike in October last year due to multiple long weekends. The occupancy rate for hotels
A cold surge advisory was today issued for 18 cities and counties across Taiwan, with temperatures of below 10°C forecast during the day and into tonight, the Central Weather Administration (CWA) said. New Taipei City, Taipei, Taoyuan and Hsinchu, Miaoli and Yilan counties are expected to experience sustained temperatures of 10°C or lower, the CWA said. Temperatures are likely to temporarily drop below 10°C in most other areas, except Taitung, Pingtung, Penghu and Lienchiang (Matsu) counties, CWA data showed. The cold weather is being caused by a strong continental cold air mass, combined with radiative cooling, a process in which heat escapes from
RSS