Tue, Jul 14, 2009 - Page 2 News List

Angelo Koo pleads not guilty to insider trading

By Shelley Huang  /  STAFF REPORTER

Former China Development Financial Holding Corp (中華開發金控) president Angelo Koo (辜仲瑩) yesterday denied charges of insider trading and breach of trust at the Taipei District Court.

At the pre-trial hearing yesterday, Koo and his associates denied the charges.

When Koo emerged from the courtroom, he told reporters that he had not done anything wrong and that he hoped the court would prove his innocence.

“We have not done anything illegal and would never do anything that would harm China Development Financial,” Koo said. “I hope the court clears up this matter as soon as possible, so we can prove our innocence.”

On April 30, district prosecutors indicted Koo and 10 others for violating the Securities and Exchange Act (證券交易法) and the Financial Holding Act (金控法). Prosecutors allege that China Development Financial, the nation's 13th largest financial group by assets, benefited certain major shareholders who passed themselves off as foreign investors and profited by using insider information during the firm's attempted takeover of smaller rival Taiwan International Securities Corp (金鼎證券).

Prosecutors have asked for heavy sentences, alleging that Koo illegally obtained more than NT$100 million (US$3 million).

Koo, who has repeatedly denied the accusations, may face up to seven years in jail if convicted.

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