FAT looks to the future, thanks court for justice
The China Post news staff--Far Eastern Air Transport Corp. (FAT) expressed its gratitude to the Taipei District Court for ruling to have several former top executives of the company face jail terms for their embezzlement of billions of New Taiwan dollars from the company.
October 3, 2012, 12:06 am TWN
FAT said in a press statement that the long-expected ruling came as belated justice for all the employees of the company who were victims. The employees were forced from their jobs after the company was caught in serious financial troubles after the exposure of the embezzlement scandal four years ago.
FAT said that it will keep seeking to retrieve NT$800 million owed by Lou Wen-hao, former chairman of the Angkor Airways Corp., who was also sentenced to six years and six months in jail for his company's failure to honor a due payment of NT$800 million to FAT for chartered flights consigned by Angkor Airways.
The firm has been restructured and resumed flight operations on April 18, 2011, and its current management team hopes to maintain smooth operations in the future.
Former Chairman Benny Wu of Far East Air Transport Corp. (FAT) was cleared by the Taipei District Court of participating in a NT$600 million embezzlement scandal that erupted four years ago, although prosecutors demanded six-year imprisonment against Hu on charges of breach of trust for his alleged role in the case.
The court was yet to announce its verdicts against Cui Yung, another ex-chairman of FAT and Chen Shang-chun, former president of the same company, as they were placed on a wanted list soon after being released on bail in the wake of prosecutors recommending a jail term of 18 years and 14 years, respectively, in 2008.