TAIPEI (Taiwan News) – CTBC Charity Foundation Chair Jeffrey Koo Jr. (辜仲諒) was sentenced to seven years and eight months in prison Tuesday for a fraud case involving the sale of a building in Kaohsiung.

Appeals are still possible against the verdict by the Taipei District Court, the Liberty Times reported. Koo and his associates were accused of buying Chengching Lake Building for NT$850 million (US$27.89 million) in 2005 before selling it to CTBC Bank for NT$950 million, pocketing NT$100 million in illegal profits.

The Taipei District Prosecutors' Office charged Koo and four others in 2019 for illegal profiteering, breach of trust, and contravening the Securities and Exchange Act. CTBC Financial Holding Co. investment official Lee Sheng-kai (李聲凱) on Tuesday received nine years and four months, former CTBC Bank financial investment executive Lin Hsiang-hsi (林祥曦) nine years and six months, and former CTBC Bank Deputy CEO Perry Chang (張明田) eight years. Koo’s brother-in-law, Steven Chen (陳俊哲), was listed as a fugitive.

Koo is facing trial at the Taiwan High Court for breach of trust in other financial scandals. Tuesday’s verdict includes an eight-month ban on overseas travel.

Koo played a prominent role in Taiwan’s baseball circles, owning the Chinese Professional Baseball League’s CTBC Brothers team and serving as president of the Baseball Federation of Asia. His late father, Jeffrey Koo Sr., founded the CTBC financial empire.