Prosecutors yesterday said they intend to press charges amid an investigation of alleged financial fraud at China Electric Manufacturing Corp (中國電器).
Two executives from the Taipei-based company were detained, prosecutors said, adding that company president Chou Li-chen (周麗真) was being sought.
Investigators in co-ordination with the Taipei District Prosecutors’ Office raided the firm’s headquarters and other locations, summoning 10 people for questioning, including former company general manager Chang Chih-wei (張志偉) and an executive surnamed Chen (陳).
Chou allegedly colluded with Chang to set up shell companies called CLS and GLI, as well as other entities, which were registered overseas.
From 2011, the two executives transferred assets from China Electric to CLS and GLI, on the pretext of making overseas investments amounting to NT$350 million (US$11.06 million), prosecutors said.
Investigators said the funds were not for investment purposes, but were fraudulent transfers and were not listed in the company’s financial reports, while evidence showed that Chou and Chang were in direct control of CLS, GLI among others.
Prosecutors listed Chou, Chang and Chen — the registered owners of GLI — as suspects charges of breach of trust and violations of the Business Entity Accounting Act (商業會計法) and the Securities and Exchange Act (證券交易法).
The Taipei Shilin District Court approved a request by prosecutors to detain Chang and Chen, citing risk of collusion, corruption of evidence and flight possibility, as Chen has worked and lived in China for many years.
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