• Directory of Taiwan

Credit Suisse Taiwan senior executive and husband out on bail

Senior executive accused of insider trading through family accounts

Credit Suisse manager Elsa Chiu.

Credit Suisse manager Elsa Chiu. (CNA photo)

TAIPEI (Taiwan News) – A senior executive at Credit Suisse Taiwan Elsa Chiu (邱慧平) and her husband were released on bail early Wednesday after being interrogated about alleged insider trading in the takeover of Hermes Microvision Inc. (HMI,漢微科) by ASML of the Netherlands.

Chiu allegedly made NT$21 million (US$679,000) in profits on the deal, the second-biggest merger of the year in Taiwan in 2016. ASML is the world’s largest producer of photolithography systems for the computer industry, while HMI supplies chip-making machinery.

After facing raids on her home and office on Tuesday, Chiu was taken in for questioning. Early Wednesday, she was allowed to leave the Taipei District Prosecutors Office after paying NT$5 million (US$162,000) in bail.

Her husband, identified as Roger Hsu (許耀仁), had to pay NT$6 million (US$194,000), and his mother, Lo Li-chu (羅麗珠), NT$1 million (US$32,000), reports said. Initial reports said Chiu had asked relatives to buy shares in HMI last May and June immediately after the deal with ASML had been agreed on, but before it became known to the public.

The three suspects were barred from traveling overseas or from venturing out to sea, as is often the case with defendants. At least five other suspects were also questioned and released

Chiu, 45, had built up a reputation as a top expert in mergers and acquisitions in Taiwan following studies in international management at National Taiwan University and an MBA on the subject at the University of California in Los Angeles (UCLA).

She first worked at U.S. investment bank Donaldson, Lufkin and Jenrette, which was later absorbed into Credit Suisse.

Last year, she also managed the takeover of Siliconware Precision Industries Co. (SPIL) by Advanced Semiconductor Engineering Inc. (ASE).