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 (
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 (
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.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
RSS