Evergreen Marine director Chang Kuo-hua has been released on NT$120m ($3.8m) bail after questioning by Taipei prosecutors in an insider-trading investigation tied to shares in the Taiwanese container shipping company, according to Taiwan’s Central News Agency.
Chang, the eldest son of Evergreen Group founder Chang Yung-fa, was freed early on Tuesday but remains under restrictions.
Prosecutors barred him from leaving Taiwan, travelling by sea or changing his residence, and ordered electronic monitoring.
The case is rooted in an April 2024 complaint by lawyer and Evergreen Marine shareholder Lin Wen-peng, who accused Chang and others of trading Evergreen Marine shares before the company disclosed plans to dispose of shares in EVA Airways.
The investigation centres on trading before Evergreen Marine announced the EVA Airways share disposals in August 2023. Lin’s complaint alleged Chang bought about 98.6m Evergreen Marine shares on 30 June 2023 before the information became public.
Taipei prosecutors and the Ministry of Justice Investigation Bureau searched 10 locations on Monday, including Evergreen Marine offices, related companies and the residences of Chang, his brother Chang Kuo-cheng and Evergreen Marine director Ko Li-ching.
The bail decisions extended beyond Chang Kuo-hua. Chang Kuo-cheng was released on NT$10m ($314,000) bail. Chang Kuo-hua’s wife, Yang Mei-chen, and son, Chang Sheng-en, were each released on NT$5m ($157,000) bail. Evergreen Marine director Tai Ching-chuan and manager Hsieh Shu-hui were released on NT$3m ($94,000) and NT$2m ($63,000) bail, respectively. Ko and two others were allowed to leave without posting bail.
Chang has denied insider trading. He has said the 30 June 2023 after-hours block trade was made to increase his Evergreen Marine holdings, that the transaction was disclosed as required by law and that he had not sold the shares.
Evergreen Marine Corporation (Taiwan) Ltd is a Taiwan-incorporated container shipping company within Evergreen Group.