It seems that some managers over at Taiwanese United Microelectronics (UMC) are going to find themselves in a spot of bother. Police in Taiwan entered and searched offices as part of an investigation into alleged insider trading. UMC apparently reinvested money in some sort of illegal scheme between April and July 2006. Rumours have it that the company made some sort of dubiouss investment or divestment in maker of memory chips Promos Technologies, but no one really seems to anything certain.

A spokesUMC told the Taipei Times, which reported the raid, that both the company headquarters in Hsinchu and offices in Taipei were searched.
However,  the spokesUMC refrained from saying what the raid was connected to. In rather unrelated news, UMC also said it'd buy back 1,51% of its shares yesterday. The stock price has taken a bit of a beating, so it's going to spend up to $134 million and hope to keep it from collapsing any further. X