The Taiwan High Court yesterday upheld a verdict acquitting Far Eastern Group chairman Douglas Hsu (徐旭東) in the Sogo ownership scandal, while former Waterland Financial Holding Co chairman Walter Lin (林華德) was sentenced to two years in prison.
Lin is expected to begin serving his jail term soon.
Hsu, Lin and former Pacific Distribution Investment Co chairman Lee Heng-lung (李恆隆) were indicted for forgery and breach of trust by Taipei prosecutors in 2006 for their roles in a management takeover of the Pacific Sogo Department Store in September 2002.
The court said Lin, who agreed to help former Sogo chairman Chang Chi-min (章啟明) secure capital for Sogo when it was experiencing financial difficulties, instead secretly helped Hsu gain ownership of the store in 2004, which constituted a breach of trust.
The court said that as Lin secretly contacted Hsu to discuss the ownership of Sogo, there was insufficient evidence to show that Hsu knew Lin and Chang had an agreement on financial assistance.
Far Eastern Group injected capital into one of Sogo's subsidiary firms, Pacific Distribution Investment Co, and then took control of a majority of Sogo's shares in a manner that is legal and normal business practice in the eyes of the law, the court said.
Hsu's attorney, Yang Cheng-hsien (楊政憲), told reporters outside the court that Far Eastern Group was pleased with the final ruling and hoped the long-term dispute had been brought to a conclusion.
Lin was the only defendant found guilty by the court, while Lee's case is still pending.
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Four factors led to the declaration of a typhoon day and the cancelation of classes yesterday, Taipei Mayor Chiang Wan-an (蔣萬安) said. Work and classes were canceled across Taiwan yesterday as Typhoon Krathon was forecast to make landfall in the southern part of the country. However, northern Taiwan had only heavy winds during the day and rain in the evening, leading some to criticize the cancelation. Speaking at a Taipei City Council meeting yesterday, Chiang said the decision was made due to the possibility of landslides and other problems in mountainous areas, the need to avoid a potentially dangerous commute for those
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SEMICONDUCTORS: TSMC is able to produce 2-nanometer chips and mass production is expected to be launched by next year, the company said In leading-edge semiconductor manufacturing China is behind Taiwan Semiconductor Manufacturing Co (TSMC) by at least 10 years as the Taiwanese chipmaker’s manufacturing process has progressed to 2 nanometers, National Science and Technology Council (NSTC) Minister Wu Cheng-wen (吳誠文) said yesterday. Wu made the remarks during a meeting of the Legislative Yuan’s Education and Culture Committee when asked by Democratic Progressive Party Legislator Wu Pei-yi (吳沛憶) about a report published in August by the Chinese version of Nikkei Asia that said Taiwan’s lead over China in chip manufacturing was only three years. She asked Wu Cheng-wen if the report was an accurate
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