Prosecutors yesterday raided Veutron Corp (
Huang also doubles as chairman of Powerchip Semiconductor Corp (
The raids on Veutron's offices in Taichung, Taipei and Hsinchu as well as Huang's residence in Taipei yesterday afternoon were led by prosecutors from the Taichung branch of the Taiwan High Court.
Prosecutors summoned the company's vice general manager Eric Tan (
Prosecutors' investigations show that Frank Huang allegedly began insider trading in 2002, while many of his family members were also involved.
As of press time yesterday, the prosecutors' office had made no comments on the raids, as the questioning of Huang Chun-chin and Tan was still ongoing.
Veutron said last night in a statement that the Powerchip group, which includes Powerchip Semiconductor, was not involved in the probes into alleged insider-trading.
"The search has nothing to do with companies under the Powerchip group," the statement said.
Veutron, saying it would fully cooperate with the authorities, stressed that companies within the group and its board members were not involved in any stock trading during the company's financial realignment last year.
Last year Veutron reduced 46.61 percent in capital to NT$687.05 million (US$20.8 million), aiming to dilute losses. Later that year, the company planned a capital increase of NT$363.6 million via private placement. It posted NT$72.22 million in losses for last year.
Shares of Veutron had increased more than six times to NT$37.7 as of yesterday, from NT$5.07 after the company completed capital reduction last September.
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