BenQ Senior Executives Charged for Insider Trading
Tuan Nguyen (Blog) - April 16, 2007 4:13 PM
Insider trading is a big no-no in the U.S. and there's no escape for guilty overseas participants either. Several weeks ago, BenQ executives were detained for questioning on suspicion of insider trading. BenQ's senior vice president and chief financial officer Eric Yu was detained by prosecutors with at least 13 other executives either in jail or on bail. Despite the legality surrounding its business practices, BenQ's chairman Kun-Yao Lee was left unquestioned and deemed innocent, until now.
Taiwanese prosecutors released news that Kun-Yao Lee was detained for questioning for a total of eight hours, revealing that his involvement with BenQ's insider trading was deeper than prosecutors had thought. BenQ president Sheaffer Lee was also detained and found guilty of insider trading.
"We discovered new evidence through the questioning and the Lees seemed to be a lot more involved in the case than we had originally expected, so we decided on bail deals for them," said John Chang, representative for the Taoyuan District Prosecutor's Office.
Despite being targeted as guilty, Lee denied all charges against him, saying that BenQ was not involved in insider trading practices and that there was no illegal trading of company stocks. Lee also defended Eric Yu's innocence in the case. K. Y. Lee and Sheaffer Lee were released on bail of NT$15 million and NT$10 million respectively.
dailytech.com |
