Yao Liandi, chairman of Yaxin International Development, was suspected of insider trading, and was ordered to post a bond of 1 million yuan for the crime of insider trading in violation of the Securities Exchange Act yesterday.

(Photo by reporter Qian Lizhong)

[Reporter Qian Lizhong/Taipei Report] Yaxin International Development, known as the "King of Linkou", reported that its senior management was suspected of insider trading. Entering the market during the period when stock trading is prohibited, and made an illegal profit of more than 460,000 yuan.

The Taipei District Prosecutor's Office ordered the Taipei City Investigation Office of the Investigation Bureau to conduct a search yesterday and interviewed five people including Yao Liandi.

Illegal profits of more than 460,000 yuan Yao Liandi argued that he did not understand the law

After getting bail yesterday, Yao Liandi said, "In 2009, because of the transaction between Yaxin and Jiaying's related party, it was a transaction of land at the bottom of Dunhua South Road. To be honest, I really didn't know that I couldn't buy stocks in those days. I bought hundreds of stocks, and also fell into the legal net by mistake. The profit was more than 460,000 yuan. The money will naturally be returned. We just don’t understand the law. Buy stocks."

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According to reports from the investigation, in November 2020, the company announced the major news that the land disposal was profitable. Yao Liandi and other company executives were suspected of engaging in insider trading during the period when insiders were prohibited from trading, and illegally arbitraged more than 460,000 yuan.

In recent years, Yaxin International Development has expanded its tentacles from Linkou, New Taipei City to Shuangbei, Miaoli, and Taichung areas. Unexpectedly, the chairman and other senior executives were involved in insider trading lawsuits.

Inspection and investigation, on November 25, 2020, Yaxin International Development announced a major news. The company's board of directors signed a joint investment and construction contract with Jiaying Precision Enterprises. A small section of Xuefu section in the district holds 20 parcels of land, and plans to jointly build houses.

Before and after the exposure of the profit, insiders, including the chairman, were involved in insider trading and were therefore investigated.