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Home > News > Company News > Imagination sale approved but .....

Imagination sale approved but buyer’s co-founder faces charges.

  • Author:Ella Cai
  • Release on:2017-11-02
Imagination Technologies’ shareholders have approved the £550 million sale of the company to China-backed private equity fund Canyon Bridge, but Canyon Bridge’s co-founder has been charged with insider trading in the USA.

The co-founder is Benjamin Chow – a China-born American citizen.

The Manhattan Attorney General and the FBI allege that Chow conspired to commit securities fraud by telling a friend in China that Canyon Bridge was about to bid for Lattice Semiconductor – a deal which was barred by President Trump.

Chow’s friend is alleged to be Michael Yin, a Chinese hedge fund manager, who is said to have made $5 million from the tip and is facing insider trading charges because of it.

Canyon Bridge says it doesn’t expect the sale of Imagination to be stopped by the Chow case.

In an apparent bid to try to avoid regulatory attention, Imagination is said to have agreed to spin off MIPs to Tallwood Ventures run by Dado Bonatao, raising questions about the closeness of Imagination and Tallwood and the understandings they have in place about the use of MIPS’ technology.

The Canyon Bridge partner dealing with the Imagination deal, Ray Bingham, has resigned from the boards of Oracle an Cypress because of the Canyon Bridge connection.