XPEC chairman should serve 30 years in jail: prosecutors

Arrest warrants issued for 3 suspects, including Chinese businessman

Taiwan News
Date: 017/01/24
By: Matthew Strong, Taiwan News, Staff Writer

TAIPEI (Taiwan News) – Gaming company XPEC Entertainment Inc. Chairman Aaron Hsu should serve

XPEC Entertainment Chairman Aaron Hsu. (By Central News Agency)

30 years in prison for having embezzled NT$4 billion (US$127.5 million), prosecutors said Tuesday.

The case has also led to the issuing of arrest warrants for a gaming tycoon from China and a Japanese national, while a former Cabinet minister and two prominent media figures were being investigated separately.

Last year, a Japanese firm announced it was going to make a bid for XPEC, leading to an estimated 30,000 Taiwanese investors buying stock in the firm, only to end with a decision by the foreign company to abandon the deal.

Due to protests by the investors, prosecutors opened an investigation during which they reportedly uncovered a conspiracy by Hsu and others to talk up the Japanese bid and made illegal profits.   [FULL  STORY]

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