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Updated Sunday, July 5, 2009 10:16 am TWN, The China Post news staff

Former E-TEN chair out on bail after insider trading interrogation

TAIPEI, Taiwan -- The former chairman of E-Ten Information Systems Co. Lo Wen-jen was released on bail of NT$500,000 after being interrogated by prosecutors over his alleged involvement in illegal insider trading of the firm's shares.

According to prosecutors, Loa allegedly made a massive purchase of E-Ten shares at a low price of NT$30 per share or so from the stock market before Acer Inc. announced on March 3, 2008 its acquisition of a 100% stake in E-Ten for NT$9 billion, and then gradually unloaded his shareholdings at a higher unit price of NT$40 after the acquisition deal was made public, thus earning profits of close to NT$10 million before E-TEN was delisted from the local bourse on Sept. 1, 2008.

Taipei District Prosecutors Office on Friday raided E-TEN's office and the residences of Lo and other key company executives.

Besides interrogating Lo, prosecutors also questioned E-TEN chairman Huang San-jung and other company executives as witnesses in the case.

All the witnesses were released right after being questioned. Lo was also bailed out.

E-TEN engages in production of pocket PC products and mobile stock devices.

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