The China Post
Date: September 3, 2016
By: Sun Hsin Hsuan
Local game developer XPEC Entertainment Inc. (樂陞科技) and many of its stock loan traders are
XPEC Entertainment Inc. (樂陞科技) shareholders affected by Bai Chi Gan Tou Digital Entertainment Co.’s (百尺竿頭數位娛樂) last-minute dropout from an acquisition deal protest at the Financial Supervisory Commission on Friday, Sept. 2. (CNA)
being investigated for illegal short selling and insider trading, the Taiwan High Prosecutors Office said Friday.
The largest foreign acquisition plan in the history of Taiwan game developers fell apart Wednesday when Japan-based Bai Chi Gan Tou Digital Entertainment Co (百尺竿頭數位娛樂) abruptly announced that it would not be able to deliver the required payment of over NT$4.6 billion by the deadline.
Investors affected by the incident staged a protest at the Financial Supervisory Commission (FSC) Friday, calling on the Investment Commission to investigate alleged wrongdoing of CTBC Bank, the intermediary company in the acquisition deal.
Investors urged the FSC to look into possible fraud in the case and to help shareholders seek justice and compensation from the Securities and Futures Investors Protection Center (投保中心).
Later Friday, the Taiwan High Prosecutors Office said a special team — set up recently for such cases — would investigate whether illegal short selling occurred during the acquisition process and, if so, whether insider trading had been involved. [FULL STORY]
