Acer raided in insider trading probe
Taiwan News, Staff Writer
2014-03-18 05:57 PM
TAIPEI (Taiwan News) – Investigators raided the headquarters of computer giant Acer Inc. in a probe into insider trading by two employees, reports said Tuesday.

Prosecutors received information that before Acer Chairman and CEO J.T. Wang resigned last November 21, a manager in charge of stocks sold shares before a company loss of more than NT$13 billion (US$427 million) was made public, the Chinese-language Apple Daily reported.

The move would have saved the company significant losses but violated the Securities Trading Act, reports said.

The New Taipei District Prosecutors Office led agents of the Ministry of Justice Information Bureau to raid Acer’s headquarters in Hsichih, New Taipei City, and 13 other locations and to summon 10 defendants for questioning, the Apple Daily reported. The list included several managers, who could face interrogation for hours overnight, reports said.

Investigators reportedly said that the case might be linked to the actions of individuals in particular, and not to the company as a whole. Acer confirmed that investigators visited its head office, but denied that 10 managers were being questioned. The company said it was fully cooperating with the investigation and had offered all relevant data and documents in the hope the truth could be found.

Acer was once listed as one of the world’s three largest computer makers, but it fell on leaner times recently, forcing the company to call its founder, Stan Shih, 69, back out of retirement.

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