Taipei prosecutors on Thursday summoned for questioning 16 executives and employees of Mao Te International Investment and Eastern Media International (EMI) regarding an investigation into insider trading in 2017 during Mao Te’s NT$17.7 billion (US$593.2 million at the current exchange rate) acquisition of EMI’s Eastern Broadcasting Co (EBC), one of the nation’s leading cable TV networks.
After questioning, six were released yesterday, including former Mao Te chief legal officer Lin Tse-chuang (林則奘) on NT$2.5 million bail and former EMI deputy general manager Hsieh Chang-chung (謝長仲) on NT$500,000 bail.
Prosecutors were investigating Lin, Hsieh and others for possible breaches of the Securities and Exchange Act (證券交易法).
Evidence indicated that in the days prior to Mao Te’s announcement of the proposed acquisition on Nov. 2, 2017, executives from both companies bought large numbers of EMI shares on expectations of a surge in the price, prosecutors said.
Lin in late October 2017 allegedly purchased more than 1,000 lots of EMI shares, while his friends and relatives also bought numerous lots priced between NT$8 and NT$9 per share, they said.
Hsieh allegedly bought 50 lots of EMI shares in the days prior to the announcement, they added.
Lin and Hsieh had allegedly made a combined profit of about NT$1 million through insider trading activities, prosecutors said.
Most of those summoned for questioning were reportedly close friends or relatives of Lin and Hsieh, while the others were company employees who had knowledge of the deal and bought shares prior to the announcement.
Lin’s wife, surnamed Yuan (袁), was among those questioned and was released on bail of NT$1.5 million, while former EMI assistant vice president Huang Hsu-kuei (黃序魁) posted bail of NT$500,000.
Mao Te is owned by property magnate Chang Kao-shiang (張高祥), who is also chairman of Maw Der Property Development.
Chang was questioned as a witness in connection with the case and was released without posting bail.
The National Communications Commission approved the acquisition in January 2018, in a deal that saw Eastern Media Group chairman Gary Wang (王令麟) sell his 21.32 percent stake in EBC, terminating his involvement with the cable TV network.
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