Venture capital mogul Ko cleared of insider trading
AFPTAIPEI, Taiwan -- Taiwan's High Court said yesterday it has cleared venture capital mogul Wen Ko of insider trading, reversing the ruling of a lower court which had ordered him jailed.
December 28, 2012, 12:09 am TWN
Ko, chairman of WK Technology Fund, had been sentenced to nine years in prison by a district court.
It ruled that he made an illegal profit of more than NT$100 million (US$3.4 million) through the acquisition of Taiwan's Green Point Enterprises Co by U.S.-based Jabil Circuit Inc.
Ko's company was accused of buying a large number of shares in Green Point in 2006 before Jabil Circuit, a maker of printed circuit boards, announced in January 2007 that the merger was completed.
The High Court quashed the conviction, citing a lack of evidence. Two company executives who had been sentenced to eight years in prison were also cleared of insider trading.