Ex-chairmen of listed firm probed for alleged fraud
January 13, 2013, 12:02 am TWN
TAIPEI--Two former chairmen of publicly traded company Taiwan Styrene Monomer Corp. and various other people were probed by prosecutors over fraud allegations.
The prosecutors from the Taiwan District Prosecutors Office said in a press release Saturday that Chang Chung-chien, a former vice economics minister and ex-chairman of Taiwan Styrene, along with his successor at the company, Liu Cheng-yuan, are suspected of having committed fraud while in office. The prosecutors said they had doctored the company's financial reports to inflate revenue figures and bought stakes in a resort hotel in Taipei at far above market prices between 2010 and 2011.
The two also bought several plots of useless land on behalf of Taiwan Styrene at an unreasonably high price.
The deals resulted in losses of more than NT$500 million (US$17.25 million) to the company and came to the notice of the Investigation Bureau under the Ministry of Justice in 2012.