Former independent Taipei City councilor Chen Cheng-chung (陳政忠) yesterday reported to prison to begin a six-year sentence for stock manipulation and misrepresentation in a company prospectus.
Chen, 69, who served as a city councilor for nearly 40 years until he was forced to step down last month, arrived at the Taiwan Taipei District Prosecutors’ Office at about noon, 90 minutes later than the scheduled time of 10:30am.
Wearing a white cap, white polo shirt and mask, he did not make any public comments before hugging family members who accompanied him and turning himself over to prosecutors, local Chinese-language media reported.
Photo: Tien Yu-hua, Taipei Times
Last month, the Supreme Court rejected Chen’s appeal against a combined six-year prison sentence issued by the High Court for breaches of the Securities and Exchange Act (證券交易法).
The High Court had sentenced Chen to four years in prison for manipulating the stock of Hongfu Construction, a property development company he founded and was a key shareholder of. It also sentenced him to an additional two years in jail for providing false or misleading information in a company prospectus that formed part of the firm’s application for a public offering.
The Supreme Court said in a statement announcing its verdict on Chen’s appeal that the ruling was final and prosecutors should take measures to prevent Chen’s escape.
The case dates back to 2001, when the Taipei District Prosecutors’ Office indicted Chen for breach of trust, fraud, business misappropriation and contravening the Securities and Exchange Act.
Chen, who had served 10 terms as a Taipei City councilor since 1985, was accused of hollowing out the property development company’s assets and stealing up to NT$6 billion (US$183.55 million) from the business since 1993.
In the first trial against Chen in 2006, the Taipei District Court sentenced him to 20 years in prison for stock manipulation, breach of trust and misrepresentation in a company prospectus, but the High Court reduced the sentence to nine years.
Chen appealed the case multiple times, winning and losing several retrials.
The Supreme Court’s judgement on July 17, upholding the High Court’s combined six-year prison sentence, represented the culmination of a legal battle lasting more than two decades between prosecutors and Chen.
The Taipei City Council said at the time that because the Supreme Court’s ruling was final, Chen had to give up his post as a city councilor in accordance with provisions of the Local Government Act (地方制度法) and the Civil Servants Election and Recall Act (公職人員選舉罷免法).
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