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.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
STABLE RESULTS: Despite June’s lower consolidated revenue, second-quarter sales still reached a record high, driven by demand for chips for AI applications Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported consolidated sales of NT$263.71 billion (US$9.02 billion) for last month, its second-lowest monthly result this year. The world’s largest contract chipmaker said in a statement that its revenue last month only fared better than the NT$260.01 billion posted in February. Last month’s figure rose 26.9 percent from a year earlier, but slumped 17.7 percent from May, the company said. However, second-quarter revenue reached NT$933.8 billion, a record high for a single quarter, company data showed. The figure represented growth of 11.26 percent from the first quarter and 38.6 percent from a year earlier. Previously, TSMC said that
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