|
Court orders Yeh's husband to repay investors NT$10m
SPOUSAL OBLIGATION:
The judges decided that since Walter Lin owed his wife Sophie Yeh money, the funds should go to her many creditors
By Rich Chang
STAFF REPORTER
Wednesday, Jan 03, 2007, Page 1
The Taipei District Court ruled yesterday that the husband of former Procomp Informatics Co chairwoman Sophie Yeh (葉素菲) must pay investors NT$10 million (US$308,660) in compensation for losses incurred as a result of his wife's embezzling.
The court said in its ruling that the judges acknowledged that Walter Lin (林華德) owed his wife NT$10 million, which by law means the money could be used to compensate Yeh's many creditors.
The court therefore ruled that Lin must give the NT$10 million to Procomp shareholders.
Lin, the former chief of Waterland Financial Holding Co, can appeal the verdict to the Taiwan High Court.
In December 2005 the Shilin District Court sentenced Yeh to 14 years in prison and fined her NT$180 million for her role in a NT$7 billion accounting fraud at the chipmaker.
The court found that Yeh had violated the Securities and Exchange Law (證券交易法), among others.
That court ruling said Yeh had misled investors into believing that Procomp was a promising company by using illegal means to overstate the company's sales. Her actions led to massive losses for investors and the company.
A Taiwan High Court ruling is pending on Yeh's appeal of her conviction.
The Securities and Futures Investors' Protection Center pre-sented a claim by 10,000 shareholders for damages totaling almost NT$5.8 billion to the Shilin District Court. That court's ruling is also pending.
Meanwhile, as Yeh was found to have had financial dealings with her husband, the center also filed a compensation suit with the Taipei District Court asking that Lin return the money he owed his wife.
The Procomp scandal came to light when the chipmaker filed a restructuring plan in 2004 after it had defaulted on a bond payment of NT$6.3 billion in June of that year.
Yeh was released on bail of NT$80 million in May 2005 after sitting behind bars for a year.
Procomp was delisted from the Taiwan Stock Exchange in September 2004 as a result of the scandal.
This story has been viewed 2039 times.
|
Print
Mail
wiki links