Mon, May 12, 2008 - Page 3 News List

Polaris chairman released on bail after questioning

STAFF WRITER, WITH CNA

Polaris Securities Co (寶來證券) chairman Wayne Pai (白文正) was released yesterday on NT$20 million (US$650,000) bail by Taipei prosecutors investigating alleged embezzlement at the company. Pai was summoned for questioning yesterday afternoon and was released at about 8pm. Pai and some employees 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.

Prosecutors suspect the 2004 deal closed at about NT$900 million (US$29 million) with NT$500 million out of that amount going to Pai, his relatives and other company executives.

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