The China Post
July 19, 2017
By: The China Post
TAIPEI, Taiwan — Taipei district prosecutors have detained former Kuomintang (KMT)
Legislator Alex Tsai (蔡正元) for allegedly embezzling over NT$300 million from a film company.
Tsai, who had been preparing to move to mainland China to take up a post as chairman of Jiangsu Min’an Automotive Co. (敏安汽車), was handcuffed and taken to Taipei Detention Center at 12:50 a.m. Wednesday.
The Taipei District Prosecutor’s Office said Tsai was being investigated for embezzling over NT$300 million from Central Motion Pictures Corp. (中央電影公司) through a capital reduction.
Prosecutors allege that in 2006, Tsai arranged for shareholders to reduce the film company’s capital by NT$580 million, an amount entrusted to his company Apollo Investment Co. (阿波羅投資公司) for investment. [FULL STORY]