Chao Chien-ming (趙建銘), the son-in-law of former president Chen Shui-bian (陳水扁), yesterday received a reduced sentence of four years in prison and a fine of NT$25 million (US$827,600) for insider trading in the third retrial of his case at the Taiwan High Court.
Chao’s father, Chao Yu-chu (趙玉柱), who was charged in the same case, was sentenced to four years and eight months in prison plus a fine of NT$25 million.
The Chaos were indicted in July 2006, with two businesspeople, on charges of manipulating Taiwan Development Corp’s (TDC) stock prices through insider trading.
Former TDC chairman Su Teh-chien (蘇德建) was sentenced to three years and four months, and businessman Yu Shih-yi (游世一) was given four years plus a fine of NT$60 million.
The High Court said that the defendants may appeal the ruling to the Supreme Court.
Chao Chien-ming’s sentence for his part in buying TDC stock was reduced from the initial seven years and a fine of NT$30 million.
In yesterday’s ruling, the High Court said that it reduced the sentences because the illicit gains in the case were found to have amounted to no more than NT$4.17 million, not NT$116 million as had previously been cited.
The court ordered the Chaos to turn over the NT$4.17 million in illegal gains.
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 million 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 also present at the dinner party. He also bought TDC stocks.
Additional reporting by CNA
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