People First Party (PFP) Legislator Fu Kun-chi (
"Fu was indicted for violating the Securities Transaction Law (
"Prosecutors recommended that the court sentence Fu to three year and six months in jail and a fine of NT$50 million, because being a legislator, Fu should not have become involved in illegal activities," the prosecution said.
The Taichung Prosecutors' Office cooperated with the "Black Gold Investigation Center" under the Taiwan High Court Prosecutors' Office in investigating the case.
Earlier this year, Fu and two opposition lawmakers -- also under investigation by the Black Gold Investigation Center -- threatened to cut the center's proposed NT$7 million budget in retaliation for the probes. But their tactic failed after the center's investigators informed reporters of the matter. Soon after, other lawmakers and two non-governmental organizations voiced their support for the center. The center's budget for this year was approved by the legislature.
In addition to Fu, Hold-Key Co's chairman Yang Ti-kai (楊凱悌), TV program host Chang Shih-chieh (張世傑), Fu's close friend Liao Chang-hsi (廖昌禧) and three Hold-Key officials were also indicted for their alleged involvement in the scandal.
The prosecution charged that Fu and Yang cooperated closely in the illegal trading of the company's shares. Yang allegedly ordered Chang -- host of a stock market investment program on Taiwan TV (TTV) -- to present false information about Hold-Key shares' movement and value to the public. In the resulting selling frenzy, Fu and Yang allegedly bought a large number of the company's shares at cut-throat prices. Chang was allegedly given 2,000 of the company's shares as remuneration.
Liao, a close friend of Fu's, was in charge of collecting the capital necessary to buy the shares.
Prosecutors found that Fu and Yang sold a total of 79,686 Hold-Key shares for NT$2.22 billion, illegally making a profit of NT$96 million.
Prosecutors recommended that Yang receive a sentence of two years and six months in jail and a fine of NT$30 million.
In 2003, Fu was sentenced to six years in jail, a fine of NT$150 million and was deprived of his civil rights for six years for his involvement in the illegal trading of Taiwan Pineapple Corp (台鳳) shares. An appeal of the matter has been pending in the Taiwan High Court.
Fu said at the time that the Taipei District Court's sentence amounted to "political oppression," and he and other opposition lawmakers had led a public protest against the sentence in front of the Judicial Yuan.
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