Tue, Jun 29, 2004 - Page 10 News List

Walter Lin says he will not intervene in Procomp plan


Walter Lin (林華德), chairman of Waterland Financial Holdings (國票金控), yesterday said that he will not intervene in the restructuring of the embattled Procomp Informatics Ltd (博達科技), the company owned by his wife Sophie Yeh (葉素菲).

"It's impossible that I step in to help restructure [Procomp]," Lin told reporters yesterday, adding that he would not get involved in a plan in which he has no confidence.

This is the first time Lin showed up to clarify his stance after Yeh, whom he married two years ago, was detained on Saturday for allegedly embezzling NT$6.3 billion from the semiconductor company she founded in 1991.

The scandal broke in mid-June, as Procomp unexpectedly filed a restructuring proposal in a local district court, saying it was unable to maintain solvency on the eve of the maturity date for a NT$2.98 billion corporate bond.

Thus far, nearly 10,000 people out of the company's more than 38,000 investors have been affected by the default on the bond payment, Vice Minister of Finance Gordon Chen (陳樹) said yesterday.

The ministry has commissioned the Securities and Futures Investors Protection Center (證券投資人及期貨交易人保護中心) to help investors seek compensation. The center may file a class-action suit against Procomp, which will be the largest case the investor rights group has ever dealt with.

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