Taking advantage of a rise in the firm’s share price, JP Asset Management sold its stake, pocketing about NT$539 million in profit, it said. The court also sentenced Chiu to eight years in jail and suspended his civil rights for four years, while PJ Asset Management CEO Daniel Tarng (唐楚烈), who worked with Chiu to manipulate the department store chain’s share price, was sentenced to eight years in prison. Fuh Hwa chief investment officer Chiu Ming-chiang (邱明強), fund manager Liu Chien-hsien (劉建賢) and analyst Chen Chou-lun (陳周倫) were sentenced to four years, three years and eight months, and 10 months in jail respectively. The two other defendants in the case, Capital Investment Trust Corp vice president Hsieh Chih-ying (謝志英) and analyst Tang Ming-chen (湯明真), were found not guilty. The court said it has ordered the seizure of NT$539 million in illegal profits made by PJ Asset Management.

Source: Taipei Times August 21, 2022 04:01 UTC