Prosecutors question Lite-On founder on insider trading allegations
03/08/2021 09:10 PM
Soong Kung-yuan (CNA file photo)
Taipei, March 8 (CNA) Taipei prosecutors on Monday questioned Lite-On Technology Corp. founder Soong Kung-yuan (宋恭源) and seven other people as part of an insider trading investigation in connection to a merger deal Soong helped broker in 2019.
Prosecutors with the Taipei District Prosecutors Office and investigators with the Ministry of Justice s Investigations Bureau also raided Soong s office at Lite-On Technology s Neihu headquarters and a dozen other locations, looking for evidence in the case.
Prosecutors suspect that Soong joined with others in buying a large number of Lite-On Semiconductor Corp. (敦南科技, LSC) shares before it was publicly known that the company, a Lite-On Technology subsidiary that he chaired at the time, would be sold to U.S.-based Diodes Inc.