Danny Pang (彭日成), the Private Equity Management Group Inc financier who the US government claims defrauded Taiwanese investors, was paid US$83.1 million in fees and loans from 2004 to this year, court filings showed.
The payments uncovered by court receiver Robert Mosier, who is quantifying the assets of Pang and PEMGroup, amount to US$20.8 million more than Mosier previously reported, court documents said. The payments to Pang accelerated so that he was paid US$70.8 million of the total US$83.1 million from 2006 through last year, Mosier said in the filing.
The assets of Pang and PEMGroup, based in Irvine, California, were frozen in April by an emergency court order after the US Securities and Exchange Commission accused him of defrauding investors. Pang and his companies have raised hundreds of millions of dollars, primarily from investors in Taiwan, according to the SEC.
Mosier’s filing contains “salacious allegations,” Pang said in a legal response objecting to what he called “mischaracterizations and false impressions” in the report.
“The statement that a total of US$83.1 million was paid to Mr Pang is demonstrably false” and should be removed from the court record, Pang’s lawyer said in the filing. A “significant part of the amounts reportedly distributed to Mr Pang were actually paid to persons not affiliated with Mr Pang.”
Pang said US$19.6 million of the US$83.1 million total was sent to PEMGroup’s senior management. Pang said another US$4.2 million isn’t unaccounted for, the receiver’s records showed.
US District Judge Philip Gutierrez was scheduled to hold a hearing in Los Angeles yesterday to consider, among other things, Pang’s request to remove Mosier as receiver in the case.
Gutierrez issued the emergency order April 27, after the SEC accused Pang of lying to Taiwanese investors about his credentials, forging insurance documents and paying existing investors with funds raised from new ones, while claiming the returns came from investments in life insurance policies.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
TikTok abounds with viral videos accusing prestigious brands of secretly manufacturing luxury goods in China so they can be sold at cut prices. However, while these “revelations” are spurious, behind them lurks a well-oiled machine for selling counterfeit goods that is making the most of the confusion surrounding trade tariffs. Chinese content creators who portray themselves as workers or subcontractors in the luxury goods business claim that Beijing has lifted confidentiality clauses on local subcontractors as a way to respond to the huge hike in customs duties imposed on China by US President Donald Trump. They say this Chinese decision, of which Agence