State-controlled Taiwan Develop-ment Corp (台灣土地開發) chairman Su Teh-jien (蘇德建) became embroiled in a scandal yesterday, as the Taipei District Prosecutors' Office accused him of insider trading, which is also said to involve President Chen Shui-bian's (陳水扁) son-in-law Chao Chien-ming (趙建銘).
Approached by the Taipei Times yesterday, Taiwan Development said it could not comment on the matter until it received more information about the prosecutors' decision.
But the company said in a statement to the Taiwan Stock Exchange yesterday that Su and company president Chung Chih-wen (
Su was accused after being questioned until 3am yesterday on charges of insider trading involving the disposal of Taiwan Development shares by the state-controlled Chang Hwa Commercial Bank (
Su's alleged irregularities, however, may have jeopardized his position, Minister of Finance Joseph Lyu (
Taiwan Development was once a state-controlled entity with around 44 percent owned by the government and its affiliates. The company transformed into a professional real estate developer last September after selling its trust business to Jih Sun Financial Holding Co (
Meanwhile, in response to accusations from a lawmaker that state-controlled Hua Nan Financial Holding Co (華南金控) may also have been involved in the insider trading scandal, the company said yesterday that it had not sold any of its 5.7 percent stake in Taiwan Development since purchasing it in 1999.
Hua Nan Financial said in a statement released yesterday that its chairman Lin Ming-cheng (
Chang Hwa chairman Chang Po-shin (張伯欣) and president Chen Chen-chao (陳辰昭) as well as Waterland Securities Co's (國票證券) board director Tsai Chin-wen (蔡清文) have also been questioned by the prosecutors about their roles in the alleged illegal trading.
The Financial Supervisory Commission has said it would replace the heads of financial institutions if they are indicted in the future.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan is open to joining a global liquefied natural gas (LNG) program if one is created, but on the condition that countries provide delivery even in a scenario where there is a conflict with China, an energy department official said yesterday. While Taiwan’s priority is to have enough LNG at home, the nation is open to exploring potential strategic reserves in other countries such as Japan or South Korea, Energy Administration Deputy Director-General Chen Chung-hsien (陳崇憲) said. While the LNG market does not have a global reserve for emergencies like that of oil, the concept has been raised a few times —
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
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