Thu, Sep 06, 2012 - Page 4 News List

Founder of Inventec Corp forced to give back 22 properties

DUMMY DEALINGS:Yeh Kuo-yi got a suspended indictment and was fined NT$48m for allegedly using fake accounts in real-estate transactions

By Rich Chang  /  Staff Reporter

Inventec Corp founder Yeh Kuo-yi (葉國一), who was allegedly using dummy accounts to get his real-estate investments reimbursed, received a suspended indictment yesterday from the Shilin District (士林) Prosecutors’ Office after he agreed to return 22 properties — bought for about NT$400 million (US$13 million) using dummy accounts — to the Taipei City Government and to pay a fine of NT$48 million.

Yeh was released in May on NT$5 million bail after being questioned by prosecutors about his handling of a major real-estate project in a rezoning area close to the official residence of Chiang Kai-shek in Shilin.

Prosecutors said they received a tip in 2009 that Yeh was allegedly using dummy accounts to buy out 25 old residences in the rezoning area and then get reimbursement for the investments in a redevelopment deal.

After the residences are torn down and the housing project completed, the 25 new housing units could have made Yeh a profit of between NT$400 million and NT$500 million.

Prosecutors also released Yeh’s wife, their two sons and several other Inventec employees suspected of involvement in the case.

Prosecutors said only three of 25 residences were legally acquired, and Yeh and other defendants may have committed fraud during their handling of the project.

Prosecutors said that since Yeh had admitted to the misconduct and agreed to return 22 residences to the city government within six months, they had decided to grant him and other defendants suspended indictments.

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