***UMC Fined over Deal with Hitachi
(December)
According to Taiwan's Central News Agency Taiwan's Securities and
Futures Exchange will fine United Microelectronics Corp. (UMC)
US$948 for failing to disclose a joint-venture agreement with
Japan's Hitachi Inc. before trading closed at noon. The exchange
set a noon deadline after investors requested information about
the venture. UMC contested the fine, saying it didn't sign an
agreement with Hitachi until 3 PM. UMC and Hitachi announced an
agreement to together spend US$682 million on more advanced
production lines designed to lower production costs.
Wave Issue 2001 1/10/00 Article 13-01