The Taipei District Court yesterday acquitted China Innovation Investment Ltd (中國創新投資) executive director Xiang Xin (向心) and his wife, acting director Kung Ching (龔青), of money laundering charges.
Xiang and Kung were accused of laundering money from the now-defunct Guotai Investment Holding Group (國太投資), a Shanghai-based firm, to an account under the couple’s name in Hong Kong before transferring the funds, about NT$300 million (US$10.71 million) to China Innovation Investment to purchase real estate in Taipei’s Xinyi District (信義).
LACK OF PROOF
The couple were unaware that the money from Guotai Group was sourced by criminal means, nor could it be proved that they had a standing agreement with Guotai to receive kickbacks for handling the money, the court said in its ruling, which can be appealed.
Sales of China Innovation Investment and Guotai Group shares did not exceed market prices at the time, the court said.
Prosecutors were unable to prove that the handling of the money — from selling shares to purchasing land — was to prevent it from being confiscated and facilitate its return to Guotai, the court said.
Xiang and Kung have been in detention and barred from leaving Taiwan since November 2019.
POSSIBILITY OF APPEAL
While the couple have been found not guilty, the court extended the ban on them leaving the country for three months.
The ruling might be appealed and they are not Taiwanese, the court said.
The Taipei District Prosecutors’ Office said it would consider whether to appeal the ruling after it has received the official verdict.
Xiang and Kung in a statement thanked the court and urged prosecutors not to appeal so that they can return home.
The couple face separate charges of contravening the National Security Act (國家安全法), but the case was returned to prosecutors for further investigation in January.
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