Monday, September 22, 2014   

Two senior Acer employees indicted for insider trading
(05-09 18:19)

Two senior employees at Taiwanese computer-maker Acer were indicted Friday for making Tw$2.17 million through insider trading, prosecutors said.
Former company spokesman Henry Wang and investor relations division senior manager Chen Chiung-yuan were charged with selling off Acer stocks before the company announced third-quarter net losses of Tw$13.1 billion in November, as well as tipping others to do the same, prosecutors said, AFP reports.
Acer's stocks tumbled 6.88 percent on November 6, the day after disclosing the huge losses.
The indictment came after prosecutors and investigators raided Acer's headquarters north of Taipei and 13 other locations in March, interrogating the pair and six others who did not work for the company.
Five people including Wang and Chen were indicted for insider trading. Prosecutors dropped charges against the others due to insufficient evidence.
Acer has set up a business restructuring group led by founder Stan Shih, who came out of retirement in November to oversee a raft of reforms after two top executives quit over the firm's poor performance.
Senior executives took voluntary salary cuts of 30 percent in January, when the company announced a third consecutive full-year net loss of Tw$20.58 billion for 2013.
Founded by Shih in 1976, Acer was the world's second largest PC maker in its heyday and remains one of Taiwan's best known brands.
But the company's fortunes have worsened in recent years as sales have been hit by competition from Apple and other rivals. The Taiwanese firm has been struggling to branch into mobile devices to offset shrinking demand for PCs.
Shih, who retired in 2004, is scheduled to step down as chairman on June 18 -- the same day as Acer's shareholders meeting, during which his successor will be elected. He relinquished the positions of CEO and president in December.   
Other Business breaking news:
Hang Seng down at midday (1 hr 51 mins ago)
Japan business delegation visits China (2 hrs 25 mins ago)
Siemens to buy US oil equipment maker Dresser-Rand (2 hrs 51 mins ago)
Nikkei slips by break (09-22 11:09)
China sentences GSK officials to 2-4 years in prison: Xinhua (09-19 17:05)
China's total loan demand dampens in Q3: survey (09-19 16:51)
Drugmaker GSK fined in China graft probe: report (09-19 16:50)
Hang Seng tracks Street gains (09-19 16:43)
Alibaba sets IPO share price at US$68 (09-19 15:39)
London stocks surge after Scotland rejects independence (09-19 15:38)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.