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Top Pot verdict set for Aug.28

Top Pot verdict set for Aug.28

TAIPEI (Taiwan News) – The verdict in the Top Pot Bakery insider trading scandal has been scheduled for August 28, reports said Wednesday after the latest turn of events in the case.
The court case has drawn widespread media attention because of the alleged involvement of entertainer Dee Hsu, better known as Little S.
After an investigation was launched in 2013 into the bakery chain because of its use of artificial flavorings going counter to its advertising, prosecutors unearthed an alleged case of insider trading.
Hsu’s husband Mike Hsu, his father Hsu Ching-hsiang, company president Hsu Hsun-ping and his wife Jiang Li-fen have been accused of buying shares in Genome International Biomedical Co., Ltd. before it became the parent company of Top Pot Bakery and before Little S promoted the bread products.
Shares in Genome rose sharply at the time of the takeover but plunged later. Hsu Hsun-ping and Jiang sold shares at a premium, provoking suspicion that they had been behind the manipulation of the stock price.
Mike Hsu and his father reportedly sold shares between June and August 2013 when they learned that Top Pot was starting to lose money and the then-chairman was resigning. They reportedly avoided a loss of NT$19.58 million (US$622,000) thanks to the sale.
At a Taipei District Court session Wednesday morning, Hsu Ching-hsiang, Hsu Hsun-ping and Jiang suddenly retracted their earlier confessions and insisted they were not guilty, marking a new turn of events in the case, reports said.
Mike Hsu reportedly cried at the court session, complaining that for these past two years he had been accused of something he had not done. Media reports said it remained to be seen how Hsu and his father could come out of the court case.


Updated : 2021-09-26 02:36 GMT+08:00