Former SEF official gets jail
The Taiwan High Court yesterday sentenced former Straits Exchange Foundation (SEF) vice chairman Chang Chun-hung (張俊宏) to nine years in prison for allegedly embezzling funds from Formosa Telecom Investment during his time as company president in 1996. Chang, a former Democratic Progressive Party (DPP) legislator, was charged with violating breach of trust, the Business Accounting Law (商業會計法) and the Securities Transaction Law (證券交易法). The High Court said Chang can appeal the ruling with the Supreme Court. The company was established by Chang and other DPP members in 1996 to fund Formosa Television. The High Court said Chang embezzled NT$90 million (US$3 million) from the company for his personal companies and to buy a property in what was then Taichung City, now Greater Taichung.
Japanese trains set to arrive
The first of four trains purchased from Japan by Taiwan High Speed Rail Corp (THSRC) will arrive in Taiwan early next year, the Bureau of High Speed Rail said yesterday. The company decided at a board meeting in April to buy four new trains with 48 cars for NT$6.62 billion (US$228.2 million) to meet growing demand, especially with three additional stations in Miaoli, Changhua and Yunlin opening in 2015. THSRC currently has 30 trains, each with 12 cars, and handles an average of 120,000 passengers per day on weekdays and 140,000 on weekends. According to THSRC’s schedule, the new train will be assembled and tested after its arrival, with trials expected to be completed by the middle of next year. All four trains are expected to be delivered by 2016.