Printer Friendly

Taiwan gaming company chief sentenced to 18 years in prison.

Gaming company XPEC Entertainment Inc. Chairman Aaron Hsu was sentenced to 18 years in prison and a fine of NT$100 million (US$3.4 million) Friday in an embezzlement scandal which reached as far as a tycoon from China and several prominent Taiwanese politicians and media figures.

The Taipei District Court verdict, which followed hearings over more than a year, can still be appealed.

The scandal came to light after a Japanese firm, Bai Chi Gan Tou Digital Entertainment Co. , tried to buy XPEC in May 2016. The attempt failed, leading an estimated 30,000 Taiwanese investors who had bought stock in the firm to lose their money and launch protests. The Japanese company later turned up to be purely a paper vehicle managed by Hsu, prosecutors said.

Hsu's scheme to talk up the deal netted illegal profits of up NT$3.9 billion (US$133 million), prosecutors said when they rounded off their investigation a year ago and requested a 30-year prison sentence for the Taiwanese businessman.

The case expanded to include allegations that Chinese gaming company tycoon Wang Ji was behind the conspiracy, while a major shareholder of XPEC and a convicted financial fraudster also took part. The latter received a two-year sentence suspended for five years.

Wang and a Japanese citizen involved in Bai Chi Gan Tou left Taiwan before the scandal broke, leading to arrest warrants being issued for them.

Former Economics Minister Yiin Chii-ming, prominent media personality Sisy Chen and former Taipei City Deputy Mayor Lee Yong-ping were also investigated because they served as independent directors at XPEC. They were not indicted in the case, though they still face separate legal cases.

COPYRIGHT 2018 Asianet-Pakistan
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2018 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Taiwan News (Taipei, Taiwan)
Date:Feb 2, 2018
Words:318
Previous Article:Taiwanese police to change into navy-blue new uniform.
Next Article:Photo of the Day: Snowman in Shei-Pa National Park.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters