BenQ Executives Indicted for Money Laundering

Wednesday, May 9, 2007

BenQ Executives Indicted for Money Laundering

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Top executives of BenQ were indicted on May 8 by the Taoyuan Prosecutors' Office for alleged insider trading and money laundering.

The indicted include chairman KY Lee, president Sheaffer Lee, vice president Eric Yu and two senior financial executives.

According to a report from Taiwan, the prosecutors accused that KY Lee, Sheaffer Lee and Eric Yu instructed four company employees to sell a total of 22.35 million undistributed bonus shares for about NT$848 million (US$25.5 million).

Digitimes.com reports that BenQ issued a statement stating that the company was shocked by the indictment and confused by the prosecutors' actions.