The High Court on Wednesday sentenced Chao Chien-ming (趙建銘), the son-in-law of former president Chen Shui-bian (陳水扁), to 46 months in jail for perjury and insider trading.
The jail term is the combination of a sentence for perjury and insider trading, of which Chao was found guilty in August 2011 and October respectively.
An interlocutory appeal can be filed to challenge the combined sentence, which Chao started serving last year.
The perjury charge was a result of Chao cooperating with former first lady Wu Shu-jen (吳淑珍), who was found guilty of using fraudulent receipts to obtain reimbursements for spending from the state affairs fund in 2006.
The insider-trading case was mired in years of litigation related to the trading of shares in Taiwan Land Development Corp (TLDC) in 2005. The case later became a major political scandal.
In 2005, Chao’s father decided to buy TLDC shares after then-company chairman Su Te-chien (蘇德建) leaked confidential information regarding the approval of a syndicated loan for the company at a dinner in Taipei that year.
Chao’s father bought TLDC shares a few days after the meeting before news of the loan’s approval surfaced and the share price rose significantly.
The High Court said that Chao’s father made illegal gains of NT$35.17 million (US$1.27 million at the current exchange rate) as a result of the insider information.
Chao did not buy any shares and did not make any illegal gains, but the court found him guilty of sharing information and coordinating insider-trading activity with his father and others.
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