By: Hsiao Po-wen and Elizabeth Hsu
Taipei, Sept. 12 (CNA) The Supreme Court turned down Wednesday an appeal by
Hualien Magistrate Fu Kun-chi (傅崐萁) against an eight-month prison term he was given for stock speculation last year, ruling that the case is now closed and that Fu must serve his term.
The prosecution has been instructed to take action to prevent Fu from fleeing the country, according to a statement released by the Supreme Court.
Fu, along with several accomplices, was accused of having speculated in stocks of Taipei-based Hold Key Electric Wire and Cable Co. using many dummy accounts from October 2003 to January 2004.
During that period, the price of Hold Key stocks rose from NT$15.5 (US$0.5) per share to NT$40.6, the statement said, noting that the price hike generated “criminal transactions” valued at NT$118.48 million. [FULL STORY]