Sun, May 11, 2008 - Page 2 News List

Polaris staff released after questioning

By Rich Chang  /  STAFF REPORTER

Ten officials at Polaris Securities Co (寶來證券) were released without bail by Taipei prosecutors yesterday morning after being questioned in an investigation into alleged embezzlement.

Prosecutors said Polaris chairman Wayne Pai (白文正), who was on a business trip abroad, told prosecutors through the company he would return to Taiwan today to cooperate with the investigation.

Prosecutors said they would soon summon Pai and his son, Pai Chieh-yu (白介宇), who is a company board member.

Five prosecutors and more than 40 assistants raided Polaris offices and the residences of both Pais on Friday and summoned 10 company officials for questioning, including Peter Huang (黃古彬), vice chairman of Polaris, about an alleged breach of trust.

Wayne Pai and other officials are suspected of pocketing several hundred million dollars by selling shares of Polaris International Securities Investment Trust Co (寶來投信) to Polaris Securities in 2004, at a price of NT$69 per share.

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