Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Credit Suisse executive investigated for suspected insider trading in Taiwan

Published 08/03/2017, 08:11
Updated 08/03/2017, 08:20
© Reuters. The Credit Suisse logo is seen at the headquarters in Milan
CSGN
-
ASML
-

TAIPEI (Reuters) - A senior executive of the Taiwan branch of Credit Suisse Group AG (S:CSGN) is under investigation for suspected insider trading, a Taiwan prosecutor said on Wednesday.

Elsa Chiu is suspected of illegal trading related to the June purchase of local firm Hermes Microvision Inc by the Netherlands' ASML Holding NV (AS:ASML), for which Credit Suisse acted as advisor, Taipei District Prosecutors Office spokesman Chang Chieh-Chin told Reuters.

"During the merger and acquisition activities, there were some trading irregularities, and the stock exchange regulator detected this irregular trading," said Chang, who is also a deputy chief prosecutor.

Credit Suisse declined to provide immediate comment.

Chang said Chiu was questioned over Tuesday and Wednesday and that she posted bail of T$5 million ($162,059). He said her husband was also suspected of involvement and posted bail of T$6 million. Neither have been charged or arrested.

In Taiwan, suspects can be summoned to assist with investigations and can be requested to post bail before release.

Neither Chiu nor her husband could be immediately reached for comment.

Several other individuals "who have relationships with the couple" are also under investigation, Chang said.

Speaking with reporters on the sidelines of parliament on Wednesday, Lee Ruey-Tsang, chairman of the Financial Supervisory Commission, confirmed the ASML-Hermes Microvision deal was being investigated, but declined to elaborate.

Dutch chipmaking equipment firm ASML bought industry peer Hermes Microvision for around T$100 billion.

© Reuters. The Credit Suisse logo is seen at the headquarters in Milan

($1 = 30.8530 Taiwan dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.