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Brother of Acer ex-chairman indicted

Brother of Acer ex-chairman indicted

TAIPEI (Taiwan News) – The brother of former Acer Inc. Chairman J.T. Wang has been indicted in a bizarre case of insider trading involving their mother, reports said Friday.
Wang headed the Taiwanese company, which once reached the top-three of the world’s most popular personal computer brands, from 2005 until 2013, when it brought back its founder, Stan Shih, amid record losses.
According to charges filed by the Taichung District Prosecutors Office, on the eve of his departure from the company leadership, Wang phoned his mother to tell her “I can’t continue anymore,” the Chinese-language Liberty Times reported.
She phoned his brother, Wang Jen-mao, to tell him the news, and he promptly sold a considerable amount of shares in Acer registered in the name of his wife and two sons, prosecutors said. After the news of Wang’s resignation became public, the stock price fell by 11.98 percent, but because of his rapid action, Wang Jen-mao managed to avoid losses of NT$580,000 (US$17,700), reports said.
J.T. Wang himself was not being charged because he had not sold any shares and had not had the intention to violate any laws, prosecutors said.
Since his departure, the company has gone through a period of transformation and restructuring. Shih still serves as honorary chairman, but company co-founder George Huang was appointed chairman last year and Jason Chen is corporate president and CEO.


Updated : 2021-06-17 01:10 GMT+08:00