The Taiwan High Court yesterday sentenced Tatung Co (大同) chairman Lin Wei-shan (林蔚山) to an eight-year prison term and fined him NT$300 million (US$9.9 million) for embezzling corporate funds and violating the Securities Exchange Act (證券交易法).
The High Court ordered Lin to return NT$1.3 billion in illegal gains, it said in a statement on its Web site.
Lin appeal the ruling.
COMPUTER DEVELOPER
Lin funneled funds into Nature Worldwide Technology Corp (通達) from a subsidiary of Tatung — a well-known home appliances household brand — in order to save the computer developer from financial woes, prosecutors said.
Nature Worldwide Technology was not a subsidiary of Tatung, but a company Lin funded in 2000.
Lin’s actions contributed to losses of NT$1.3 billion for Tatung, which was obliged to pay debts owed by Nature Worldwide Technology after it acquired the debt-ridden firm in 2007.
‘UNACCEPTABLE’
Lin’s actions triggered the Securities and Futures Investors Protection Center to file a class-action lawsuit against him.
Lin said he regrets the court’s decision and that the ruling was unacceptable, a media release issued by Tatung said.
Lin said he was a victim, acusing Nature Worldwide Technology founder Chou Yun-nan (周雲楠) of taking the funds.
Lin said he plans to safeguard his interests and prove his innocence.
Tatung and its subsidiaries, including Green Energy Technology Inc (綠能科技) and San Chih Semiconductor Inc (尚志半導體), said their operations would not be affected by the ruling.
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