TAIPEI (Taiwan News) – Evergreen Marine Corporation board member Chang Kuo-hua (張國華) was released early Tuesday after paying NT$120 million (US$3.73 million) in bail in a case of alleged insider trading.
Chang is the eldest son of the late Evergreen Group founder, Chang Yung-fa (張榮發). Prosecutors were investigating whether the younger Chang made illegal profits of NT$2.1 billion in 2023 by buying shares in Evergreen Marine just before the company made a major announcement about the sale of shares in Eva Airways, the Liberty Times reported.
An attorney and shareholder in Evergreen Marine told prosecutors in 2024 that the shipping line had decided to sell the shares in June 2023, but waited two months before making the decision public. Even though transactions in the shares were not legally allowed during the period, Chang purchased 98 million shares in Evergreen Marine, the shareholder alleged.
As investigators concluded that the allegations might be true, they launched raids on 10 locations on Monday morning. The sites included the offices of Evergreen Marine and related companies, and the homes of Chang and of his brother Chang Kuo-cheng (張國政), the Liberty Times reported. The investigators also summoned seven other witnesses and suspects for questioning.
A court set bail at NT$120 million for Chang Kuo-hua and at NT$10 million for Chang Kuo-cheng, per UDN. Both were barred from leaving the country, from traveling out to sea, and from moving home.
Chang Kuo-hua’s assistants reportedly found the necessary money within half an hour, allowing the Evergreen board member to return home early Tuesday.
