Prosecutors and investigators yesterday raided two memory chipmakers, Powerchip Semiconductor Corp (力晶半導體) and Macronix International Corp (旺宏電子), following insider trading allegations.
Prosecutors from the Special Investigation Bureau of the Supreme Prosecutors' Office said Powerchip, the nation's largest maker of computer memory chips, started discussions with its local rival in August 2005 on a possible business partnership. The two companies signed a memorandum of understanding in November that year and Macronix also agreed to sell a 12-inch wafer factory to Powerchip.
Prosecutors said before those two pieces of information -- the possible business partnership and the sale of the factory -- were released to the public and before the boards of the two firms had approved the proposals, officials from the two companies, including Powerchip chairman Frank Huang (黃崇仁) and Macronix director Chen Hung-chih (陳鴻智), traded NT$560 million (US$18 million) in Macronix shares, transactions that could involve insider trading.
At 2pm yesterday, prosecutors led agents from the Ministry of Justice's Investigation Bureau in raids on 37 separate locations, including the Powerchip and Macronix headquarters in Hsinchu, their offices in Taichung and Taipei, as well as Huang's residence.
More than 40 individuals, including Huang, Powerchip officials and Huang's family members, were summoned for questioning yesterday.
That questioning was continuing as of the press time.
Prosecutors said Huang and the other individuals were likely to be kept for further questioning later last night.
Huang is currently under investigation for his suspected involvement in an another insider trading case involving Veutron Corp (力廣科技), an affiliate of Powerchip.
Both Powerchip and Macronix declined to comment on the probe yesterday when contacted by this newspaper.
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