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.
The Chinese military has built landing bridge ships designed to expand its amphibious options for a potential assault on Taiwan, but their combat effectiveness is limited due to their high vulnerability, a defense expert said in an analysis published on Monday. Shen Ming-shih (沈明室), a research fellow at the Institute for National Defense and Security Research, said that the deployment of such vessels as part of the Chinese People’s Liberation Army (PLA) Navy’s East Sea Fleet signals a strong focus on Taiwan. However, the ships are highly vulnerable to precision strikes, which means they could be destroyed before they achieve their intended
GLOBAL: Although Matsu has limited capacity for large numbers of domestic tourists, it would be a great high-end destination for international travelers, an official said Lienchiang County’s (Matsu) unique landscape and Cold War history give it great potential to be marketed as a destination for international travelers, Tourism Administration Director General Chen Yu-hsiu (陳玉秀) said at the weekend. Tourism officials traveled to the outlying island for the Matsu Biennial, an art festival that started on Friday to celebrate Matsu’s culture, history and landscape. Travelers to Matsu, which lies about 190km northwest of Taipei, must fly or take the state-run New Taima passenger ship. However, flights are often canceled during fog season from April to June. Chen spoke about her vision to promote Matsu as a tourist attraction in
PAWSITIVE IMPACT: A shop owner said that while he adopted cats to take care of rodents, they have also attracted younger visitors who also buy his dried goods In Taipei’s Dadaocheng (大稻埕), cats lounging in shops along Dihua Street do more than nap amid the scent of dried seafood. Many have become beloved fixtures who double as photography models, attracting visitors and helping boost sales in one of the capital’s most historic quarters. A recent photo contest featuring more than a dozen shop cats drew more than 2,200 submissions, turning everyday cat-spotting into a friendly competition that attracted amateur and professional photographers. “It’s rare to see cats standing, so when it suddenly did, it felt like a lucky cat,” said Sabrina Hsu (徐淳蔚), who won the NT$10,000 top prize in
OIL RIGS: China is using ‘strategic ambiguity within a focused warfare strategy’ to normalize encroachments and force acceptance of new norms, a lawmaker said The government must boost capacity for ships to patrol islands under its control in the South China Sea and join with friendly nations to file a lawsuit at the International Court of Justice in response to China’s oil rig activity near Pratas Island (Dongsha Island, 東沙島), a lawmaker and security experts said on Thursday. Democratic Progressive Party Legislator Chiu Chih-wei (邱志偉) said that reports of Chinese oil rigs near Pratas Island show that Beijing has expanded construction efforts in the South China Sea. Previous activity has resulted in disputes with Vietnam and the Philippines, and now Beijing has taken up “gray zone”
RSS