Far Eastern Group chairman Douglas Hsu (徐旭東) was acquitted yesterday in the Sogo voucher scandal, while former Waterland Financial Holding Co chairman Walter Lin (林華德) was sentenced to two years in prison.
Hsu, Lin, former Pacific Distribution Investment Co chairman Lee Heng-lung (李恆隆) and three officials from Lin and Hsu’s companies were indicted for forgery and breach of trust by Taipei prosecutors in 2006 for their roles in the management takeover of the Pacific Sogo Department Store (太平洋崇光百貨) in September 2002.
Lin was the only defendant found guilty by the Taipei District Court yesterday, while Lee’s case is still pending, along with other criminal cases involving Lee.
Former Sogo chairman Chang Chi-min (章啟明), who filed the lawsuit against Hsu, Lee and Lin, said he did not believe Hsu was innocent and would appeal the verdict to the Taiwan High Court.
“Far Eastern Group injected capital into one of Sogo’s subsidiary companies, Pacific Distribution Investment Co, and then took control of most of Sogo’s shares and obtained ownership of Sogo, which is a legal and normal business practice in the eyes of the law,” the district court ruling said.
The court said, however, that Lin, who agreed to help Chang secure capital for Sogo when it was experiencing financial difficulties, instead secretly helped Hsu gain ownership of the store, which violated breach of trust.
Hsu acquired ownership of Sogo in 2004.
The court also said that while Hsu and other businessmen had visited former first lady Wu Shu-jen (吳淑珍) during the battle for ownership of Sogo, she did not help any party in the battle for control.
Prosecutors believed that Lee had distributed NT$14.82 million [US$447,320] in Pacific Sogo Department Store vouchers, with the first family indirectly receiving NT$277,000 in vouchers.
Prosecutors found no evidence, however, that Wu had received the vouchers in return for helping secure ownership of the department store.
Prosecutors said Wu had received her vouchers from the first family’s former doctor, Huang Fang-yen (黃芳彥).
However, the Special Investigation Panel of the Supreme Prosecutor Office’s is investigating whether Far Eastern deposited US$11.5 million into an overseas account held by former president Chen Shui-bian’s (陳水扁) family in exchange for help securing ownership of Pacific Sogo.
Hsu said on Wednesday that the company had not bribed the Chen family to gain control of a Chinese subsidiary of Pacific Sogo.
SLOW-MOVING STORM: The typhoon has started moving north, but at a very slow pace, adding uncertainty to the extent of its impact on the nation Work and classes have been canceled across the nation today because of Typhoon Krathon, with residents in the south advised to brace for winds that could reach force 17 on the Beaufort scale as the Central Weather Administration (CWA) forecast that the storm would make landfall there. Force 17 wind with speeds of 56.1 to 61.2 meters per second, the highest number on the Beaufort scale, rarely occur and could cause serious damage. Krathon could be the second typhoon to land in southwestern Taiwan, following typhoon Elsie in 1996, CWA records showed. As of 8pm yesterday, the typhoon’s center was 180km
STILL DANGEROUS: The typhoon was expected to weaken, but it would still maintain its structure, with high winds and heavy rain, the weather agency said One person had died amid heavy winds and rain brought by Typhoon Krathon, while 70 were injured and two people were unaccounted for, the Central Emergency Operation Center said yesterday, while work and classes have been canceled nationwide today for the second day. The Hualien County Fire Department said that a man in his 70s had fallen to his death at about 11am on Tuesday while trimming a tree at his home in Shoufeng Township (壽豐). Meanwhile, the Yunlin County Fire Department received a report of a person falling into the sea at about 1pm on Tuesday, but had to suspend search-and-rescue
RULES BROKEN: The MAC warned Chinese not to say anything that would be harmful to the autonomous status of Taiwan or undermine its sovereignty A Chinese couple accused of disrupting a pro-democracy event in Taipei organized by Hong Kong residents has been deported, the National Immigration Agency said in a statement yesterday afternoon. A Chinese man, surnamed Yao (姚), and his wife were escorted by immigration officials to Taiwan Taoyuan International Airport, where they boarded a flight to China before noon yesterday, the agency said. The agency said that it had annulled the couple’s entry permits, citing alleged contraventions of the Regulations Governing the Approval of Entry of People of the Mainland Area into the Taiwan Area (大陸地區人民進入台灣地區許可辦法). The couple applied to visit a family member in
CELEBRATION: The PRC turned 75 on Oct. 1, but the Republic of China is older. The PRC could never be the homeland of the people of the ROC, Lai said The People’s Republic of China (PRC) could not be the “motherland” of the people of the Republic of China (ROC), President William Lai (賴清德) said yesterday. Lai made the remarks in a speech at a Double Ten National Day gala in Taipei, which is part of National Day celebrations that are to culminate in a fireworks display in Yunlin County on Thursday night next week. Lai wished the country a happy birthday and called on attendees to enjoy the performances and activities while keeping in mind that the ROC is a sovereign and independent nation. He appealed for everyone to always love their
RSS