Scandal-plagued Sophie Yeh (
The report left investors outraged, prompting government officials to search for possible ways to prevent her from retaking the chairwomanship.
Investors' claims for compensation from the delisted firm are close to NT$6 billion (US$194 million), with 9,300 shareholders' claims in total, according to the Securities and Futures Investors' Protection Center (
But for investors, the government's answer was disappointing.
"We are helpless about what has happened," Financial Supervisory Commission spokesman Lin Chung-cheng (
"The commission now cannot do anything about it, Procomp is no longer subject to the Securities and Exchange Law (
The company is now subject to the regulations of the Corporate Law (
The Shihlin District Court in May released Yeh on NT$80 million bail, after almost 10 months in jail. Yeh was indicted for embezzling over NT$7 billion (US$225.8 million) from Procomp, which makes chips for use in communications and networking equipment.
Last October, prosecutors recommended a sentence of 20 years imprisonment and a NT$500 million fine -- NT$6.5 billion less than the amount she was accused of stealing.
The company said Yeh's return to the post last month was to "help solve some problems the company has" with debt creditors and some Japanese clients, the ETToday reported.
The scandal was uncovered after the chipmaker filed a restructuring plan last summer amid financial difficulties. Since then, the investor's protection center has been helping victims seek damages.
Chan Tsai-hung (
"Yeh's taking back her chairmanship may allow her to manipulate the company's capital ... the center will pay close attention to this development," Chan was quoted by ETToday as saying.
Chan's concern was echoed by the FSC's Lin, who said that in order to further protect investors, the commission, together with the economic affairs ministry, will study legal amendments to close regulation loopholes, the official said.
Lin, however, did not elaborate on the outline of possible amendments.
In response, Duh Tyzz-jian (
According to Article 30 of the Corporate Law, people who are sentenced to more than one-year imprisonment for crimes such as fraud are barred from taking posts in the management of registered companies.
Nevertheless, since the Procomp case involves breaches of the law, the department will list the company as the key object of financial inspections for the year and will carry out the process later this month, Duh said.
The official suggested amending the Securities and Exchange Law to prevent companies from losing their listed status after committing severe economic crimes, in an effort to keep them from getting away from stricter regulations and supervision, he said.
Apart from legal amendments, the most effective balm for affected investors would be for the court to expedite its hearing process and put people responsible for wrongdoing in jail, said Charles Yeh (
Charles Yeh meanwhile urged the authorities to track down and recover as much of the company's missing capital as possible, to compensate for investors' losses, Yeh said.
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