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.
Elon Musk’s lieutenants have reached out to chip industry suppliers, including Applied Materials Inc, Tokyo Electron Ltd and Lam Research Corp, for his envisioned Terafab, early steps in an audacious and likely arduous attempt to break into the production of cutting-edge chips. Staff working for the joint venture between Tesla Inc and Space Exploration Technologies Corp (SpaceX) have sought price quotes and delivery times for an array of chipmaking gear, people familiar with the matter said. In past weeks, they’ve contacted makers of photomasks, substrates, etchers, depositors, cleaning devices, testers and other tools, according to the people, who asked not to
Taichung reported the steepest fall in completed home prices among the six special municipalities in the first quarter of this year, data compiled by Taiwan Realty Co (台灣房屋) showed yesterday. From January through last month, the average transaction price for completed homes in Taichung fell 8 percent from a year earlier to NT$299,000 (US$9,483) per ping (3.3m²), said Taiwan Realty, which compiled the data based on the government’s price registration platform. The decline could be attributed to many home buyers choosing relatively affordable used homes to live in themselves, instead of newly built homes in the city’s prime property market, Taiwan Realty
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The government yesterday approved applications by Alphabet Inc’s Google to invest NT$27.08 billion (US$859.98 million) in Taiwan, the Ministry of Economic Affairs said in a statement. The Department of Investment Review approved two investments proposed by Google, with much of the funds to be used for data processing and electronic information supply services, as well as inventory procurement businesses in the semiconductor field, the ministry said. It marks the second consecutive year that Google has applied to increase its investment in Taiwan. Google plans to infuse NT$25.34 billion into Charter Investments Ltd (特許投資顧問) through its Singapore-based subsidiary Fructan Holdings Singapore Pte Ltd, and
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