IBTS Searched by Prosecutors; Three Former Executives Restricted from Leaving

According to the Central News Agency, the New Taipei District Prosecutors Office conducted a search of IBTS, a subsidiary of International Bills Finance Corp, on June 1st. Prosecutors brought in former advisor Chen Di-sheng, former chairman Wang Hsiang-wen, and former president Chang Yu-chi for questioning on suspicion of special breach of trust under the Securities and Exchange Act. After evening questioning, all three were ordered to remain at their residences. The Financial Supervisory Commission (FSC) announced in April last year that an audit by the Taiwan Stock Exchange revealed that Chen Di-sheng was effectively a manager and employee but had not registered as such and had opened an insider account. Furthermore, Chen's approval actions within the company did not comply with the company's rules on delegated authority, indicating that IBTS failed to implement internal control systems, violating securities regulations, and was fined NT$300,000. It is understood that today's search is related to the aforementioned fine. Prosecutors ordered the three to remain at their residences around 10 PM tonight, with no other coercive measures taken.