Reported 8 months ago
Former Chairman Huang Wenlie of the biotechnology stock king Kangyou-KY, along with others, involved in embezzling and scamming investors of 20.1 billion NT dollars, has been sentenced to 25 years in prison and fined 2 million NT dollars by the Taipei District Court for crimes such as insider trading under the Securities and Exchange Act. The mastermind behind the scenes, Indonesian-Chinese real estate magnate Wang Mingliang, who has not yet returned to Taiwan, has been listed as wanted. The Kangyou-KY scam shocked society as Huang had been fabricating financial reports since 2014 to secure bank loans and attract market investments through high cash dividends, causing the stock price to artificially rise. Huang fled the country in July 2020 and was extradited back to Taiwan in June 2023, with further legal proceedings ongoing.
Source: YAHOO