Lin Ming-da (林明達), the prime suspect in a case of alleged insider trading in Power Quotient International Co (勁永國際) shares, yesterday fought back by accusing the prosecutors in charge of the case of forcing him to make a false confession that he colluded with a senior financial regulator.
"Do not make me the victim of a dogfight between the prosecutors, the Black Gold Investigation Center and the Financial Supervisory Commission," he said.
Accusations
PHOTO: SUNG CHIH-HSIUNG, TAIPEI TIMES
Lin, 42, has been involved in the stock market for 18 years. Chinese-language newspapers reported that he had short-sold 2 million shares in Power Quotient between Dec. 24 and March 15, raking in a profit of NT$7.68 million (US$240,000).
But Lin dismissed the reports yesterday.
In short-selling, an investor profits by betting that a stock will decline.
Prosecutors last week claimed they found a note in Lin's office suspected to have been written by Lee Chin-cheng (李進誠), the director-general of the Financial Supervisory Commission's Examination Bureau, which asked Lin to borrow money to buy Power Quotient shares for him.
No connection
At a press conference yesterday, Lin said he and Lee were merely acquaintances and denied receiving the note from Lee. He said Lee had nothing to do with the case.
Lin said he would soon make public critical evidence if necessary. He declined to elaborate on the nature of the evidence.
In response, Financial Supervisory Commission vice chairman Lu Daung-yen (
The commission would announce the results of the investigation at the proper time, he said.
Lu's comments suggest that the commission is toning down its language following Premier Frank Hsieh's (
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