BenQ Executives Indicted on Insider Trading and Money Laundering Charges
By Will Park on Wednesday, May 9th, 2007 at 9:55 AM PST In Announcements
Top BenQ executives were indicted yesterday, May 8, on charges of money laundering and insider trading. The Taoyuan Prosecutors’ Office released a statement accusing chairman KY Lee, president Sheaffer Lee, vice president Eric Yu and two senior financial executives of said crimes. The Commercial Times reports that the Chairman, President, and VP instructed a group of financial employees to sell bonus shares, worth $25.5 million to a BenQ branch in Malaysia, Creo Ventures. The revenue from the sale of these bonus shares were then transferred back to BenQ’s coffers, which can be construed as money laundering.
BenQ asserts that Creo Venture has been used to distribute bonus shares to its overseas employees, a fact that the Taoyuan Prosecutors’ Office had not taken into account.
It seems that top executives these days are getting indicted left and right for some sort of stock scandal. We hope BenQ will weather this storm and continue to bring us more great phones.
via: digitimes
