TransAsia Airways chairman Vincent Lin (林明昇), listed by prosecutors as a suspect on charges of insider trading and fraud in an ongoing probe related to the airline’s demise, was yesterday morning released on bail of NT$5 million (US$156,534).
Lin’s father, SIGMU Group chairman Lin Shiaw-shinn (林孝信), was among 12 people summoned for questioning at the Taipei District Prosecutors’ Office and was released without bail.
The investigation has focused on alleged insider trading and financial irregularities due to an unusually high volume of trade of TransAsia shares on Monday before the airline announced it would cease operations.
Vincent Lin’s aunt Cheng Shan-shan (鄭珊珊), business manager and a board member of Hsinlan International, was also summoned for questioning, as she is suspected of insider trading and fraud, both punishable under the Securities and Exchange Act (證券交易法). She was released after posting NT$5 million bail.
The court imposed travel restrictions as a condition of their release, ordering Vincent Lin and Cheng to not leave the nation, pending further investigation.
TransAsia is one of the three main companies of the Lin family business empire, with Lin Shiaw-shinn at the helm of SIGMU, which, in addition to the airline, also controls Taiwan Secom and Goldsun Development and Construction Co.
Hsinlan International is a subsidiary of Goldsun, which holds a 40.25 percent stake in TransAsia, while Taiwan Secom holds 15 percent, stock market data showed.
Cheng rejected the insider trading charges, saying she did not have advanced knowledge of the airline’s closure.
Speculation was abound on the market on Monday, she said, adding that she just went “with the flow, like everyone else, selling my 800 lots [1,000 shares per lot] of company shares.”
Ezfly International Travel Agency Co chairman Chou Yu-wei (周育蔚) and Partner Travel Service Co executive Liu Hsin-ping (劉信平) were also released following questioning, posting bail of NT$1 million each.
Separately yesterday, former Ministry of Justice Government Ethics Department director Kuan Kao-yue (管高岳) said the focus of the investigation was wrong.
“Authorities should investigate deliberate actions by airline executives to bankrupt the company, including the transfer of assets elsewhere,” he said.
“This case is not as simple as the TransAsia executives say it is,” Kuan said. “The airline’s boss and major shareholders told the public that each day the company was in operation they stood to lose NT$10 million, so where is the problem? Regulators should thoroughly investigate these claims.”
The key question for investigators is not whether there was insider trading, nor whether fraud was committed through sales of discounted tickets at a tourism trade show earlier this month, he said.
“The major shareholders said they chose to dissolve the company because its assets exceeded its debt, but TransAsia is a publicly listed company and its assets belong to all shareholders,” Kuan said. “How can executives and some major shareholders decide to dissolve the company?”
“I urge the authorities to investigate the actions of the airline’s executives and look for possible illegal transfers of company assets,” he added.
Taiwan is to have nine extended holidays next year, led by a nine-day Lunar New Year break, the Cabinet announced yesterday. The nine-day Lunar New Year holiday next year matches the length of this year’s holiday, which featured six extended holidays. The increase in extended holidays is due to the Act on the Implementation of Commemorative and Festival Holidays (紀念日及節日實施條例), which was passed early last month with support from the opposition Chinese Nationalist Party (KMT) and Taiwan People’s Party. Under the new act, the day before Lunar New Year’s Eve is also a national holiday, and Labor Day would no longer be limited
COMMITMENTS: The company had a relatively low renewable ratio at 56 percent and did not have any goal to achieve 100 percent renewable energy, the report said Pegatron Corp ranked the lowest among five major final assembly suppliers in progressing toward Apple Inc’s commitment to be 100 percent carbon neutral by 2030, a Greenpeace East Asia report said yesterday. While Apple has set the goal of using 100 percent renewable energy across its entire business, supply chain and product lifecycle by 2030, carbon emissions from electronics manufacturing are rising globally due to increased energy consumption, it said. Given that carbon emissions from its supply chain accounted for more than half of its total emissions last year, Greenpeace East Asia evaluated the green transition performance of Apple’s five largest final
Taiwan is to extend its visa-waiver program for Philippine passport holders for another year, starting on Aug. 1, Minister of Foreign Affairs Lin Chia-lung (林佳龍) said on Friday. Lin made the announcement during a reception in Taipei marking the 127th anniversary of Philippine independence and the 50th anniversary of the establishment of the Manila Economic and Cultural Office (MECO) in Taiwan, the Ministry of Foreign Affairs said. The decision reflected Taiwan’s commitment to deepening exchanges with the Philippines, the statement cited Lin as saying, adding that it was a key partner under the New Southbound Policy launched in 2016. Lin also expressed hope
Temperatures in New Taipei City’s Sindian District (新店) climbed past 37°C yesterday, as the Central Weather Administration (CWA) issued heat alerts for 16 municipalities, warning the public of intense heat expected across Taiwan. The hottest location in Taiwan was in Sindian, where the mercury reached 37.5°C at about 2pm, according to CWA data. Taipei’s Shilin District (士林) recorded a temperature of 37.4°C at noon, Taitung County’s Jinfeng Township (金峰) at 12:50 pm logged a temperature of 37.4°C and Miaoli County’s Toufen Township (頭份) reached 36.7°C at 11:40am, the CWA said. The weather agency yesterday issued a yellow level information notice for Taipei, New
RSS