Epox under investigation for fraud

— 11:15 AM on March 16, 2006

Epox is currently under investigation for alleged fraud and embezzlement of company funds. Officials from the Prosecutors Office in Panchiao City, Taiwan raided Epox's offices for evidence yesterday. The company's chairman, Steve Hsiao, was also summoned to report on Epox's transactions with its overseas subsidiary E-Kong. Hsiao purportedly embezzled the equivalent of $26.2 million between 2001 and 2003 by exporting products to E-Kong for significantly lower prices than other clients, and then allowing E-Kong to resell the goods at normal prices. Hsiao was released on bail yesterday, and Epox has since denied the charges.

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