The New Taipei District Prosecutors' Office yesterday indicted Luxshare Precision Industry Co chairwoman and CEO Grace Wang (王來春) and three others for contravening the Act Governing Relations Between the People of the Taiwan Area and the Mainland Area (臺灣地區與大陸地區人民關係條例).
The billionaire businesswoman and cofounder of the China-based electronics manufacturer used a Hong Kong subsidiary in 2018 to acquire a division of Liteon Technology Co, a Taiwanese company, prosecutors said.
Wang then sought to register it as an overseas Chinese-invested company, but was rejected by the Ministry of Economic Affairs' Investment Commission because its funding involved Chinese capital, prosecutors said.
Photo: Taipei Times file
After the rejection, Wang directed associates to form a new company in Taiwan to keep the business running, later changing managers and the company's name, they said.
The firm continued hiring software and hardware specialists and sent research to its branch in Guangzhou, China, prosecutors said.
Wang funneled about US$65.57 million (NT$2.15 billion) through affiliates from 2018 to 2023 to fund operations and salaries, they said.
The New Taipei District Prosecutors' Office said it worked with the Ministry of Justice’s Investigation Bureau and has issued a warrant for Wang.
According to Forbes, Wang is a Hong Kong citizen who lives in Shenzhen, China.
Wang is the seventh richest self-made woman in the world with a net worth of about US$13.7 billion, the Forbes Web site says.
Chinese enterprises often use overseas investment fronts to operate in Taiwan, prosecutors said, adding that Luxshare is a major competitor of Taiwanese firms in Apple’s supply chain.
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