China Life Insurance Co (
"We understand the case and are investigating it right now, but there is yet to be a breakthrough," said Lin Pang-liang (林邦樑), Taipei District Prosecutors' Office spokesman.
On March 28, the insurer announced a huge asset loss of NT$3.8 billion, in accordance with the stricter accounting rules -- Statements of Financial Accounting Standard No. 35 -- which require traded companies to list asset impairments stemming from long-term investments or decreased goodwill from mergers.
However, trading volume was found to be surging ahead of the insurer's disclosure about its first loss in four years.
According to statistics provided by the Taiwan Stock Exchange, China Life saw a combined short-sale of over 3 million stocks on March 24 and March 25 before the loss was announced. But on March 29, the stock exchange tallies showed that around 4 million stocks of China Life were bought back to cover the shortfall.
Abnormal fluctuations of its share price attracted attention from the Financial Supervisory Commission and some lawmakers, who earlier this month requested the commission's chairman to report on the matter in the legislature.
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