The Taiwan High Court yesterday upheld a guilty verdict for Hualien County Commissioner Fu Kun-chi (傅崐萁) on charges of insider trading and market manipulation in a second ruling, handing him an eight-month prison term and ordering repayment of NT$63 million (US$2.07 million) in illegal profits.
Fu was found guilty of contravening the Securities and Exchange Act (證券交易法) in 2003 by manipulating the stock price of Hold-Key Electric Wire and Cable Co (合機電線電纜), when he was a People First Party (PFP) legislator.
Legal proceedings began in August 2005, with the case winding through courts for 12 years. Yesterday’s decision can be appealed.
In the first ruling in 2008, the Taichung District Court found Fu guilty, imposing a 54-month prison term and a NT$50 million fine.
After an appeal, the Taichung branch of the High Court in 2010 found him guilty, handing down a 42-month prison term and a NT$40 million fine.
However, the Taipei branch of the High Court ordered a retrial, which reduced his prison time to nine months.
Following a subsequent appeal, the Supreme Court in 2014 returned the case to the High Court for a second retrial.
In yesterday’s ruling, the court said that as Fu’s insider trading and market manipulation took place in 2003, a penalty reduction was applied based on the 2007 Sentence Commutation Statutes (罪犯減刑條例), as well as the Fair and Speedy Criminal Trials Act (刑事妥速審判法).
Democratic Progressive Party Legislator Tuan Yi-kang (段宜康) questioned whether Fu received “preferential treatment from the justice system,” citing Fu’s involvement in the 1998 Typhone Food Co case.
“All defendants in the Typhone and Hold-Key cases have been serving their jail sentences, except for Fu, who was the main figure,” Tuan said. “The courts have handed him reduced terms, with more lenient sentences after each ruling, and he can still appeal the verdict.”
“Fu should be invited as a special guest at the ongoing judicial reform meetings,” Tuan added.
While Fu was elected as Hualien County commissioner as an independent, his political affiliation has leaned toward the pan-blue camp, as he began his political career with the Chinese Nationalist Party (KMT) before joining the PFP in 2000.
Fu ran for the a legislative seat as elections in 2001 and 2005 as a PFP member, then registered to run in the Hualien County commissioner election as a KMT member in 2009, but was later expelled from the KMT.
In 2009, Fu controversially appointed his wife, now-KMT Legislator Hsu Chen-wei (徐榛蔚), as Hualien County deputy commissioner, which was predicated on the couple filing for divorce.
Aftershocks from a magnitude 6.2 earthquake that struck off Yilan County at 3:45pm yesterday could reach a magnitude of 5 to 5.5, the Central Weather Administration (CWA) said. Seismological Center technical officer Chiu Chun-ta (邱俊達) told a news conference that the epicenter of the temblor was more than 100km from Taiwan. Although predicted to measure between magnitude 5 and 5.5, the aftershocks would reach an intensity of 1 on Taiwan’s 7-tier scale, which gauges the actual effect of an earthquake, he said. The earthquake lasted longer in Taipei because the city is in a basin, he said. The quake’s epicenter was about 128.9km east-southeast
GENSLER SURVEY: ‘Economic infrastructure is not enough. A city needs to inspire pride, offer moments of joy and foster a sense of belonging,’ the company said Taipei was named the city with the “highest staying power” in the world by US-based design and architecture firm Gensler. The Taiwanese capital earned the top spot among 65 cities across six continents with 64 percent of Taipei respondents in a survey of 33,000 people saying they wanted to stay in the city. Rounding out the top five were Vietnam’s Ho Chi Minh City (61 percent), Singapore (59 percent), Sydney (58 percent) and Berlin (51 percent). Sixth to 10th place went to Monterrey, Mexico; Munich, Germany; Sao Paulo, Brazil; Vancouver; and Seoul. Cities in the US were ranked separately, with Minneapolis first at
The New Taipei City Government today warned about the often-overlooked dangers of playing in water, and recommended safe swimming destinations to cool off from the summer heat. The following locations in the city as safe and fun for those looking to enjoy the water: Chienshuiwan (淺水灣), Baishawan (白沙灣), Jhongjiao Bay (中角灣), Fulong Beach Resort (福隆海水浴場) and Sansia District’s (三峽) Dabao River (大豹溪), New Taipei City Tourism and Travel Department Director-General Yang Tsung-min (楊宗珉) said. Outdoor bodies of water have variables outside of human control, such as changing currents, differing elevations and environmental hazards, all of which can lead to accidents, Yang said. Sudden
Tropical Storm Podul has formed over waters north-northeast of Guam and is expected to approach the seas southeast of Taiwan next week, the Central Weather Administration (CWA) said today. The 11th Pacific storm of the year developed at 2am over waters about 2,660km east of Oluanpi (歐鑾鼻), Pingtung County — Taiwan's southernmost tip. It is projected to move westward and could have its most significant impact on Taiwan on Wednesday and Thursday next week, the CWA said. The agency did not rule out the possibility of issuing a sea warning at that time. According to the CWA's latest update, Podul is drifting west-northwest
RSS