Infodisc appoints new board members

Debt-ridden compact disc and digi-tal video disc maker Infodisc Technology Co (訊碟科技) held a provisional shareholder meeting yesterday to reshuffle its board of directors -- and elected five new members, along with four institutional representatives, one independent board member and two supervisors.

The company was placed on restricted share trading in September because of a questionable multi-million dollar cash transaction.

Market watchers were surprised that Yang Kuan-yu (楊冠宇) was chosen as an institutional board member. Yang is a representative of former lawmaker Lo Fu-chu's (羅福助) investment venture.

The Taipei District Court sentenced Lo to four years in prison in September last year after he was convicted of corruption, fraud, forgery and other charges.

At yesterday's meeting, Infodisc officials also explained the European Convertible Bond (ECB) issued by the company, saying that it had redeemed US$170 million worth of ECBs issued in recent years.

Infodisc shocked the market by incurring huge losses in September. Founder and former chairman David Lu (呂學仁) was accused of embezzling NT$2.6 billion after he failed to present proof regarding a US$77.75 million investment in the Gold Target Fund, which is registered in the Cayman Islands.

Infodisc reported a pre-tax loss of NT$7.21 billion, or NT$11.38 per share, for the first three quarters of the year.