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CHAIRMAN OF TAIWAN'S POWERCHIP SEMICON INDICTED FOR INSIDER TRADING.
TAIPEI, Aug 1 Asia Pulse - Prosecutors on Thursday indicted Frank Huang, chairman of Powerchip Semiconductor Corp. TAIEX:5346), one of Taiwan's largest computer memory chip makers, on charges of insider trading.
The prosecutors said they are seeking a 4.5-year jail term and a fine of up to NT$60 million (US$1.95 million) for Huang.
In 2005, Powerchip Semiconductor -- based in the northern county of Hsinchu -- reached agreements with Macronix International Co., a local producer of flash memory used in music players and digital cameras, over the sale of Macronix's wafer plant and the formation of a strategic alliance.
On Jan. 18, 2006, the boards of both companies approved the agreements, according to the prosecutors.
Before the information on the deals was revealed, however, Huang started buying Macronix stocks worth a total of over NT$603.7 million, the prosecutors said.
In addition, Huang was also indicted for breach of trust, as the prosecutors said he spent more than NT$5 million of his company's funds on decorating his home.
The prosecutors also indicted the company's project manager, William ...
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Source: HighBeam Research, CHAIRMAN OF TAIWAN'S POWERCHIP SEMICON INDICTED FOR INSIDER TRADING.