NT$100 million bail set for ex-Taipei 101 chief
The China Post news staffTAIPEI, Taiwan -- The Taipei District Court yesterday set bail at NT$100 million for former Taipei 101 Chairman Lin Hong-ming (林鴻明), who was indicted earlier this week for fraud.
January 25, 2013, 12:01 am TWN
Lin has not posted the amount and remains in detention as of press time.
According to prosecutors, Lin has provided a partial confession, pleading guilty to doctoring financial statements and deliberate concealment of information.
Lin has denied money laundering, a breach of trust and other violations of the Securities and Exchange Act (法證交法). During interrogation, Lin stressed that “everything done was for the good of the company,” according to prosecutors.
Investigators are seeking a 12-year jail term and a fine of NT$400 million for Lin, who is suspected of hollowing out some NT$1.8 billion in assets from Jin Shang Chang Development Corp. (金尚昌).