Wed, Feb 11, 2004 - Page 2 News List

Stock market player takes his tax debt to the grave

By Jimmy Chuang  /  STAFF REPORTER

Huang Jen-chung (黃任中), famed stock market player and a large-scale tax avoider, died from diabetes-related multiple organ failure yesterday.

He was 63.

Huang, son of former Judicial Yuan president Huang Shao-ku (黃少谷), came to prominence after gaining considerable wealth speculating on the stock market.

However, he also owed NT$1.4 billion in taxes to the National Tax Administration and was jailed for six months last year over the matter.

In addition to jailing him, the Ministry of Justice had been trying to sell his assets to regain the money he owed. However, Huang had apparently transferred most of his assets to friends and family members.

According to a press release from the Taipei Veterans General Hospital, Huang checked in on Oct. 23 last year suffering from diabetes, then checked out on Jan. 15.

However, he returned on Jan. 27, before passing away at 9:55am yesterday.

Regarding the taxes Huang owed, Minister of Justice Chen Ding-nan (陳定南) said the ministry would continue to place pressure on any person or persons who inherited Huang's wealth.

"The person who inherits his assets will also inherit his debts," Chen said.

As of press time yesterday, the Huang family had not announced who would inherit Huang's estate, or what the estate was worth.

According to officials at the National Tax Administration, Huang's outstanding taxes date from 1995, when he netted some NT$5 billion after selling off Far East Air Transport Corp (遠東航空) shares owned by his company -- the Huang Lung Investment Co (皇龍投資).

Huang filed suit with the administrative court, claiming that the tax administration had overstated his profits and therefore had overcharged him.

However, the court ruled against him in November 2002, and the tax administration has been trying to recover the outstanding amount ever since.

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