Hsu Ya-chun pleads not guilty in Top Pot case
Taiwan News, Staff Writer
2014-01-27 10:33 AM
Prosecutors from the Taipei District Prosecutors Office have re-called the principal suspects for additional questioning in the insider trading involving shares of Genome International, the parent company of Top Pot Bakery. Hsu Ya-chung, the husband of entertainer Dee Hsu (Little S) and her father Hsu Ching-hsiang and Genome International chairman Hsu Hsun-ping were all summoned last week for questioning and then released on bail of NT$10 million each.

Prosecutors carried out the investigation and questioning in the Third Office of the Prosecutors Office in order to avoid over-exposure to the media.

Hsu Ya-chun was the only one of the three to plead not guilty in the case, which is expected to move to court following the Lunar New Year break. He is reported to have denied any insider trading in the case, saying that everything he had done was in accordance with his professional experience in buying and selling stocks

Prosecutors say that Hsu Hsu-ping had asked Hsu Ya-chun to invest in a post-natal convalescence center in China which ended up losing money. Hsu then offered to compensate Hsu Ya-chun for the losses by offering him a hundred shares of Genome International stock.

The Top Pot Bakery case erupted in August last year with revelations that the company’s claims that its bread was free of artificial flavoring and other additives were shown to be bogus. Investigation by authorities in Taiwan then led to the discovery of discrepancies in stock trading involving shares of Top Pot’s parent company. Initial investigation found that Hsu Ching-hsiang , Hsu Ya-chun and Hsu-Hsu-ping and his wife Jiang Li-fen had all sold off their holdings in Genome International stock after learning that Top Pot’s advertising claims were being unraveled. The defendants allegedly dumped their shares to avoid losses of tens of millions of NT dollars.

Legal experts point out that the crime of insider trading carries a maximum penalty of ten years in prison with no chance of appeal. Both Hsu Ching-hsiang and Hsu Hsu-ping pled guilty and paid back their illegally obtained gains, an act which should weigh in their favor in sentencing by the court.

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