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Acer apologizes for insider trading: Chairman Shih

TAIPEI, Taiwan -- Acer Inc. Chairman Stan Shih (施振榮) on Thursday again apologized over alleged insider trading that happened during the tenure of his predecessor, saying he will take full responsibility.

In his capacity of the National Culture and Arts Foundation chairman, Shih yesterday visited officials of the Culture Department, the new supervisory government unit of the foundation. He was instantly swarmed by local media looking for updates on Acer's insider trading probe.

Shih immediately offered a second apology, promising to be held fully accountable.

According to local media reports, the alleged insider trading took place when Wang Jen-tang (王振堂) held the reins. Wang's brother was also found to reduce losses of more than NT$500,000 by selling Acer's shares before Acer reported record losses late last year. Wang's brother wasn't held by the prosecutors since there was not yet any evidence that he was directly involved in the scandal.

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