Credit Suisse Taiwan CEO Suspected of Insider Trading in 2016 HMI Takeover by ASML
nsnbc : Elsa Chiu, CEO of Credit Suisse Taiwan, is under suspicion of having earned NT$21 million or US$679,000 in profits from insider trading in the 2016 takeover of Hermes Microvision Inc. by ASML of the Netherlands.
The NT$100 billion – equivalent to approximately US$3.2 billion – takeover was the second biggest merger of 2016 in Taiwan. Hermes Microvision Inc. (HMI) produces chip-making equipment, while the Dutch ASML is the world’s largest supplier of photolithography systems for the semiconductor industry.
Credit Suisse Taiwan was in charge of handling the deal. Investigations into the transactions suggest that Chiu may, as soon as it was known that the deal would be successfully concluded and prior to the public announcement, asked friends to buy large quantities of shares in HMI.
Law enforcement and investigators armed with ten warrants raided several locations including Chiu’s home and office Tuesday morning. Nine persons were reportedly taken for questioning.
Elsa Chiu holds an MBA from the University of California in Los Angeles (UCLA). She took over her present job as CEO in 2012. Some commentators voiced their “surprise” that a high-ranking manager like Chiu, who probably earns more than NT$10 million – or US$323,000 – a year, would be involved in insider trading. Others would shake off such comments referring to a large body of scientific studies documenting that corporate culture in global finance promotes and encourages sociopathic and criminal behavior.
CHH/L – nsnbc 07.03.2017