The Taiwan High Court yesterday upheld a seven-year prison sentence and a NT$30 million (US$904,241) fine for former president Chen Shui-bian’s (陳水扁) son-in-law, Chao Chien-ming (趙建銘), in a case of insider trading in Taiwan Development Corp (TDC) stock.
Chao said yesterday he would continue to appeal.
Chao’s father, Chao Yu-chu (趙玉柱), was sentenced to nine years and given a NT$30 million fine after receiving a sentence of nine-and-a-half years plus a fine of NT$30 million handed down by the High Court in the first trial.
The court also upheld its original sentence of seven years and two months and a NT$60 million fine for businessman Yu Shih-yi (游世一), while reducing the jail term for former TDC Chairman Su Teh-chien (蘇德建) by four months to seven years and two months, with the fine of NT$30 million for Su unchanged.
The High Court concluded its first trial in the case in June last year, after which the defendants appealed to the Supreme Court.
The Supreme Court remanded the case in December last year to the High Court on the grounds that there were flaws in the methods adopted by the High Court in determining the defendants’ profits from their offenses.
In a new verdict issued yesterday, the High Court said the combined profits from the case of insider trading exceeded NT$100 million, after related administration fees and securities transaction taxes were deducted.
The amount included NT$29.53 million garnered by Chao Chien-ming and his father, NT$66.45 million by Yu, and NT$4.85 million by Tsai Ching-wen, a former board member of the Waterland Securities Co.
Tsai was given a suspended sentence of two years in prison by the Taipei District Court in December 2006 and did not appeal the ruling.
Su was found innocent of insider trading, but was found guilty of tipping off Chao Chien-ming and Chao Yu-chu.
The case stemmed from a dinner party attended by the younger Chao and Su on July 14, 2005, during which Chao learned that the flailing TDC was to be bailed out with a syndicated loan from several banks.
He passed on the information to his father, who bid for 5,000,000 shares on July 25, 2005, and sold them after the banks approved the loan to TDC.
Yu was a friend of Chao Chien-ming and his father who was present at the dinner party. He also bought TDC stocks.
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