TAIPEI (Taiwan News) — A Taipei judge sent seven people to prison on Monday (June 17) following convictions relating to corporate fraud, including the former chair of a pharmaceuticals company Huang Wen-lieh (黃文烈), who received a sentence of 25 years.
Huang, the former chair of Pharmally International Holding Company Limited (康友-KY), was also fined NT$2 million (US$62,000), per CNA. He was found guilty of defrauding capital markets of more than NT$20.1 billion by manipulating the stock price of the company he chaired in collaboration with others.
The Taipei District Court verdict found that Huang collaborated with Chinese businessperson Wang Mingliang (王命亮) and prepared false financial statements that enabled the pair to create shares, which, after being purchased by the public, were used to underwrite bank loans. Wang remains wanted by Taiwan authorities.
The verdict also found that proceeds from the criminal enterprise were sent to overseas accounts, which blocked investigation efforts. Huang fled Taiwan as Taipei prosecutors investigated the case, and has remained in custody since he was arrested in Thailand in June 2023.
In addition to Huang, former Kuomintang legislator Wu Kuang-hsun (吳光訓) was found guilty of manipulating stock prices and sentenced to eight and a half years in prison. The beverage manufacturer Sanyo Whisbih Group’s director Chen Yu-lien (陳玉蓮) was sentenced to nine years, while her brother Chen Ho-shun (陳和順) was sentenced to eight.
Chen Min-lang (陳民郎), also a former chair of Pharmally was sentenced to seven and a half years in prison, and accountants working for the firm were sentenced to two and a half years each. Accountants Shih Ching-pin (施景彬) and Chiang Ming-nan (江明南) were convicted of producing falsified financial reports company.
Prosecutors began investigating Huang in 2020, per FTV, and charged 26 people connected with the case.