Independent Hualien Commissioner Fu Kun-chi (傅崑萁) was sentenced yesterday to three-and-a-half years in prison for illegal trading.
The Taiwan High Court Taichung branch found Fu guilty and fined him NT$40 million (US$1.2 million).
The ruling said Fu violated the Securities Transaction Act (證券交易法) and committed breach of trust when involved in illegal trading of Hold-Key Wire & Cable Cooperation shares.
Commenting on the ruling, Fu yesterday protested his innocence and added he will appeal the case to the Supreme Court.
In addition to Fu, former Hold-Key Co chairman Yang Kai-ti (楊愷悌), former 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 sentenced to jail terms of between six months and nine months.
The ruling said that in 2003, Yang and then-People First Party legislator Fu cooperated in illegal trading of the company’s shares. Yang told Chang — host of a stock market investment program on Taiwan TV — to present false information about Hold-Key value and share movement to the public.
In the resulting selling frenzy, Fu and Yang bought a large number of the company’s shares at cut-rate prices. Chang was given 20 million of the company’s shares in remuneration. Liao, a close friend of Fu’s, was in charge of collecting the capital necessary to buy the shares.
The ruling added that Fu and Yang sold a total of 79,686,000 Hold-Key shares for NT$2.22 billion, making an illegal profit of NT$96 million.
The Taichung District Court in 2008 sentenced Fu to four-and-a-half years in prison.
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