Credit Suisse Taiwan manager suspected of insider trading

Accusations refer to 2016 HMI takeover by ASML of the Netherlands

Taiwan News
Date: 2017/03/07
By: Matthew Strong, Taiwan News, Staff Writer

TAIPEI (Taiwan News) – Credit Suisse Taiwan CEO Elsa Chiu (邱慧平) was suspected of having made NT$21 million (US$679,000) in profits from insider trading in the takeover of Hermes Microvision Inc. (HMI,漢微科) by ASML of the Netherlands, reports said Tuesday.

The NT$100 billion (US$3.2 billion) deal was the second biggest merger of 2016 in Taiwan. HMI produces chip-making equipment, while ASML is the world’s largest supplier of photolithography systems for the semiconductor industry.

The Taiwan branch of Credit Suisse was in charge of handling the deal, and as soon as it was known to be successful, but before the public announcement, Chiu asked friends to buy large quantities of shares in HMI, media reports alleged Tuesday.

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