PSC chairman vows to stay on despite insider trading indictment
News Type：Latest NewsHit:693Add DateTime：07-08-2008
Josephine Lien, Taipei; Rodney Chan, DIGITIMES [Wednesday 6 August 2008]
Powerchip Semiconductor Corporation (PSC) chairman Frank Huang has stressed that he will not resign following insider trading charges brought against him by prosecutors in Taiwan, adding that he will fight to clear his name.
Huang, speaking on Tuesday (August 5) for the first time in public since he was indicted for alleged insider trading last week, said the charges against him are unfair.
The charges stem from PSC's purchase of Macronix International (MXIC) shares in late 2005 ahead of an announcement that PSC would buy a 12-inch fab from Macronix in January 2006. The prosecutors claim that Huang and his company had decided to make the fab purchase as early as October 2005.
Huang alleged that some Macronix high-ranking executives were selling their holdings in the company ahead of the announcement, thinking that selling the fab would actually dampen the company's operations. Huang said while he has been indicted, no one from Macronix has been charged.
Macronix has declined to comment on the case.
The prosecutors are seeking a prison term of four and a half years for Huang, plus a fine of NT$60 million (US$1.95 million).
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