Evergreen raided in insider trading probe

Evergreen Taiwanese prosecutors have raided the premises of Evergreen Marine as part of an insider trading investigation linked to one of the world’s largest containerlines. The Taipei District Prosecutors Office said investigators searched Evergreen Marine’s offices, the homes of nine suspects and 10 other locations on Monday. Nine people were summoned for questioning, including a person surnamed Chang, on suspicion of trading shares during a prohibited trading period. Prosecutors have not given full details of the alleged trades. Taiwanese media reported the investigation is linked to a related-party transaction announced in 2023 and valued at NT$13.35bn ($417m). Evergreen Marine confirmed in a filing to the Taiwan Stock Exchange that authorities had searched its premises and said it was cooperating with the investigation. “This incident has no significant impact on the company’s financial condition or business operations,” Evergreen said. Evergreen Marine, founded by Chang Yung-fa in 1968, operates a fleet of more than 200 containerships and ranks among the world’s largest liner operators. Evergreen has been one of the biggest beneficiaries of the container shipping supercycle, generating huge cashflows during the pandemic-era freight boom. That windfall has also made governance, dividends, investment decisions and family-linked transactions more closely watched by minority shareholders and regulators.