Tue, Dec 11, 2012 - Page 4 News List

Former employee of ASE and family members indicted

By Rich Chang  /  Staff reporter

A former employee of Advanced Semiconductor Manufacturing Co (ASE) and several of his family members were indicted by Taipei prosecutors yesterday for their alleged involvement in an insider trading case involving the takeover of another company by ASE in 2009.

The Taipei Prosecutors’ Office indicted former head of ASE’s investor relations and acting spokesman Allen Kan (甘智文); his father, Chun Yu Group chairman Kan Chien-fu (甘建福); Allen Kan’s wife; father-in-law; brother and 10 others.

Prosecutors said the suspects allegedly learned about ASE’s plans to purchase a large volume of shares in Universal Scientific Industrial Co (USI) as part of a takeover bid in November 2009.

They bought a large number of USI shares the day before the bid was to be announced and sold them a few days later, prosecutors said.

They allegedly made more than NT$10 million (US$343,700) in the process, prosecutors said.

ASE vice general-manager Kuo Hung-ming (郭宏銘) was released on bail during the investigation, but he was not indicted yesterday.

Prosecutors said evidence indicated that Allen Kan and his family members acted without the knowledge of ASE’s higher management.

Prosecutors said that since Allen Kan had admitted he used his relatives’ accounts to conduct insider trading, and has returned the profits, they asked the Taipei District Court to give lenient sentences.

ASE, the world’s largest chip packager, said yesterday the company was not complicit in any of their employees’ alleged illegal activities.

This story has been viewed 8547 times.

Comments will be moderated. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.

TOP top