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.
A group of Taiwanese-American and Tibetan-American students at Harvard University on Saturday disrupted Chinese Ambassador to the US Xie Feng’s (謝鋒) speech at the school, accusing him of being responsible for numerous human rights violations. Four students — two Taiwanese Americans and two from Tibet — held up banners inside a conference hall where Xie was delivering a speech at the opening ceremony of the Harvard Kennedy School China Conference 2024. In a video clip provided by the Coalition of Students Resisting the CCP (Chinese Communist Party), Taiwanese-American Cosette Wu (吳亭樺) and Tibetan-American Tsering Yangchen are seen holding banners that together read:
UNAWARE: Many people sit for long hours every day and eat unhealthy foods, putting them at greater risk of developing one of the ‘three highs,’ an expert said More than 30 percent of adults aged 40 or older who underwent a government-funded health exam were unaware they had at least one of the “three highs” — high blood pressure, high blood lipids or high blood sugar, the Health Promotion Administration (HPA) said yesterday. Among adults aged 40 or older who said they did not have any of the “three highs” before taking the health exam, more than 30 percent were found to have at least one of them, Adult Preventive Health Examination Service data from 2022 showed. People with long-term medical conditions such as hypertension or diabetes usually do not
POLICE INVESTIGATING: A man said he quit his job as a nurse at Taipei Tzu Chi Hospital as he had been ‘disgusted’ by the behavior of his colleagues A man yesterday morning wrote online that he had witnessed nurses taking photographs and touching anesthetized patients inappropriately in Taipei Tzu Chi Hospital’s operating theaters. The man surnamed Huang (黃) wrote on the Professional Technology Temple bulletin board that during his six-month stint as a nurse at the hospital, he had seen nurses taking pictures of patients, including of their private parts, after they were anesthetized. Some nurses had also touched patients inappropriately and children were among those photographed, he said. Huang said this “disgusted” him “so much” that “he felt the need to reveal these unethical acts in the operating theater
Heat advisories were in effect for nine administrative regions yesterday afternoon as warm southwesterly winds pushed temperatures above 38°C in parts of southern Taiwan, the Central Weather Administration (CWA) said. As of 3:30pm yesterday, Tainan’s Yujing District (玉井) had recorded the day’s highest temperature of 39.7°C, though the measurement will not be included in Taiwan’s official heat records since Yujing is an automatic rather than manually operated weather station, the CWA said. Highs recorded in other areas were 38.7°C in Kaohsiung’s Neimen District (內門), 38.2°C in Chiayi City and 38.1°C in Pingtung’s Sandimen Township (三地門), CWA data showed. The spell of scorching