TAIPEI (Taiwan News) – A senior executive at Credit Suisse Taiwan Elsa Chiu (邱慧平) was suspected of having made NT$21 million (US$679,000) in profits from insider trading in the takeover of Hermes Microvision Inc. (HMI,漢微科) by ASML of the Netherlands, reports said Tuesday.
The NT$100 billion (US$3.2 billion) deal was the second biggest merger of 2016 in Taiwan. HMI produces chip-making equipment, while ASML is the world’s largest supplier of photolithography systems for the semiconductor industry.
The Taiwan branch of Credit Suisse was in charge of handling the deal, and as soon as it was known to be successful, but before the public announcement, Chiu asked friends to buy large quantities of shares in HMI, media reports alleged Tuesday.
Armed with ten warrants, investigators raided locations including Chiu’s home and office Tuesday morning and took nine individuals in for questioning, reports said.
She holds an MBA degree from the University of California in Los Angeles (UCLA) and took over her present position in 2012, reports said. Commentators reportedly expressed surprise that such a high-ranking manager as Chiu, who probably earns more than NT$10 million (US$323,000) a year, would be involved in insider trading.