TIPPED OFF:Media reports said that Chen Wu-hsiung left Taiwan for China after finding out that he would likely be sentenced to at least seven years in prison
Date: Dec 26, 2015
By: Jason Pan / Staff reporter
The nation’s judicial agencies came under fresh public scrutiny yesterday, as petrochemical tycoon Chen Wu-hsiung (陳武雄) reportedly fled overseas while the Supreme Court was processing a petition on his conviction for an insider trading offense.
It is the second time in the past few weeks a major white-collar crime felon eluded the law by fleeing Taiwan following the escape of convicted former prosecutor Ching Tien-po (井天博).
Chen, 73, is the founder of Taipei-based Ho Tung Chemical Corp (和桐化學) and is the honorary chairman of local manufacturing business association the Chinese National Federation of Industries. Chen is also a former chairman of the Petrochemical Industry Association of Taiwan.
He was found guilty of fraud, insider trading and manipulating the shares of the Tainan-based optoelectronic company HannsTouch Solution Inc (和鑫光電) and was sentenced to 30 months in prison by the Taiwan High Court, along with a fine of NT$2 million (US$60,596) in July. [FULL STORY]