Polaris chief freed on bail after being questioned

The China Post news staff

TAIPEI, Taiwan — Chairman Pai Wen-cheng of the Polaris Group was freed last night after paying a bail of NT$20 million set by the Taipei District Prosecutors Office which is conducting an alleged insider trading scam. Pai reported to the prosecutors office after making his landing from an overseas business trip. Prosecutors made the NT$20 million ruling at 8 p.m. He declined to answer any of the questions raised by reporters. Pai said he took the advice from his lawyers to remain silent while the investigation is still going on. Prosecutors are still gathering evidence for charges of breach of trust and insider trading against Pai and other members of his family in connection with the trading scandal in which the Pais had reportedly accrued improper financial gains exceeding NT$500 million in 2004.

Taipei prosecutors raided the residences of the Pai family, the offices of the group’s major member Polaris Securities Corp. and Polaris Investment and Trust Co., and other affiliates.

They also questioned 10 senior executives of the group, including vice chairman Huang Ku-pin of Polaris Securities., over the alleged securities trading scandal. But, all were freed after the interrogations. Prosecutors confiscated 10 cartons of major documents for further probe.

Polaris financial group covers securities, futures, investment and trust, banking, and property insurance operations, with a total workforce of over 6,000.