Hu Hung-chiu (
Tung Yu-chieh was released on NT$20 million bail while his son, Tung Ching-yun, and Sun were released on NT$5 million bail each. The three men completed the necessary legal processes and left the Taipei District Prosecutors' Office around 10:30am after being interrogated overnight by Taipei prosecutors Chu Ying-hsiang (朱應翔) and Hsu Yung-chin (許永欽).
"This case is a well-organized economic crime which resulted in approximately NT$40 billion in losses to the company [Pacific Electric Wire and Cable]," said Lin Bang-liang (
Hu is suspected to have embezzled NT$40 billion from the company during his time as the chief financial officer for the company between 1988 and 1998. However, as of press time yesterday, the whereabouts of the missing money remained unknown.
According to investigation by prosecutors, in addition to stealing company assets, Hu might have also manipulated company stocks to the dismay of private investors, who lost money.
In the meantime, prosecutors also discovered that Hu allegedly established dummy companies and opened secret bank accounts in Hong Kong to launder the money.
As for the Tungs and Sun, prosecutors found nothing to suggest that they helped Hu embezzle the money, but prosecutors decided that they should take responsibility for their ignorance since they were all the company's head during the alleged crime.
Local Chinese-language news-papers reported that prosecutors had flown to Hong Kong in July to interrogate anonymous witnesses who testified against Hu, but prosecutors would not confirm these claims.
The Ministry of Education (MOE) is to launch a new program to encourage international students to stay in Taiwan and explore job opportunities here after graduation, Deputy Minister of Education Yeh Ping-cheng (葉丙成) said on Friday. The government would provide full scholarships for international students to further their studies for two years in Taiwan, so those who want to pursue a master’s degree can consider applying for the program, he said. The fields included are science, technology, engineering, mathematics, semiconductors and finance, Yeh added. The program, called “Intense 2+2,” would also assist international students who completed the two years of further studies in
Former president Tsai Ing-wen (蔡英文) departed for Europe on Friday night, with planned stops in Lithuania and Denmark. Tsai arrived at Taiwan Taoyuan International Airport on Friday night, but did not speak to reporters before departing. Tsai wrote on social media later that the purpose of the trip was to reaffirm the commitment of Taiwanese to working with democratic allies to promote regional security and stability, upholding freedom and democracy, and defending their homeland. She also expressed hope that through joint efforts, Taiwan and Europe would continue to be partners building up economic resilience on the global stage. The former president was to first
The brilliant blue waters, thick foliage and bucolic atmosphere on this seemingly idyllic archipelago deep in the Pacific Ocean belie the key role it now plays in a titanic geopolitical struggle. Palau is again on the front line as China, and the US and its allies prepare their forces in an intensifying contest for control over the Asia-Pacific region. The democratic nation of just 17,000 people hosts US-controlled airstrips and soon-to-be-completed radar installations that the US military describes as “critical” to monitoring vast swathes of water and airspace. It is also a key piece of the second island chain, a string of
Taiwan will now have four additional national holidays after the Legislative Yuan passed an amendment today, which also made Labor Day a national holiday for all sectors. The Chinese Nationalist Party (KMT) and Taiwan People’s Party (TPP) used their majority in the Legislative Yuan to pass the amendment to the Act on Implementing Memorial Days and State Holidays (紀念日及節日實施辦法), which the parties jointly proposed, in its third and final reading today. The legislature passed the bill to amend the act, which is currently enforced administratively, raising it to the legal level. The new legislation recognizes Confucius’ birthday on Sept. 28, the
RSS