Former Central Motion Pictures Corp (CMPC) president Alex Tsai (蔡正元) — found guilty of pocketing NT$170 million (US$5.2 million) of the company’s money — has been ordered to pay it back, a Supreme Court statement said yesterday.
Central Investment Holding Co, one of the main enterprises owned by the Chinese Nationalist Party (KMT), previously owned 82.56 percent of CMPC’s shares.
CMPC — initially sold to Jung-li Investment Co in late 2005 — was jointly acquired by Apollo using funds supplied by Tsai, former CMPC vice president Chuang Wan-chun and Cheng Uei Precision Industry Co chairman Gou Tai-chiang’s (郭台強) wife, Lor Yu-chen (羅玉珍), in 2006.
Chuang accused Tsai of manipulating the company and stealing her shares — valued at NT$1.2 billion — while Tsai accused Chuang of pocketing NT$750 million of Apollo Co’s funds.
Tsai, who is a former Chinese Nationalist Party (KMT) Legislator, said he managed to “fill” a hole left by Chuang by convening a temporary meeting with CMPC shareholders in July 2006, in which he persuaded shareholders to authorize the board to apply for a capital reduction of NT$1.5 billion, of which Apollo received NT$580 million in September 2006.
Gou Tai-chiang filed an appeal in 2009 against Tsai and asked for the return of NT$580 million by Apollo after he bought CMPC for NT$3.1 billion in 2006 and discovered that the Ministry of Economic Affairs had refused Apollo’s application for a capital reduction.
Gou accused Tsai of benefiting himself after setting up a trust fund in his name for capital reduction funds.
While the first trial ruled that Tsai did not have to pay back the funds, a second trial ordered him to pay CMPC NT$170 million.
The Supreme Court yesterday upheld the second ruling. The ruling is final.
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