Reported about 1 year ago
Former chairman Wu Bixiang and former director Jiang Qingming of Biostar Group were sentenced to 4 years and 6 months and 8 years in prison, respectively, for manipulating subsidiary stock prices, misappropriating company funds, and causing around 400 million NT dollars in losses. Jiang was also accused of illegally remitting funds through the mainland subsidiary, totaling 170 million RMB. The Taiwan High Court found both guilty of breaching securities trading laws. Appeals are possible. Jiang previously faced accusations of unauthorized fund transfers through his daughter. In the second trial, the judge pointed out their negligence that led to significant losses for the company and shareholders, ultimately sentencing Wu to 4 years and 6 months, and Jiang to 8 years in prison.
Source: YAHOO