Taiwan News
Date: 2016-09-28
By: Matthew Strong, Taiwan News, Staff Writer

TAIPEI (Taiwan News) – While Typhoon Megi was battering Taiwan, a court decided to maintain bail for

XPEC Chairman Aaron Hsu (left).

beleaguered XPEC Entertainment Inc. Chairman Aaron Hsu, but prosecutors were reportedly planning to launch another appeal Wednesday.
At the core of the XPEC controversy was a decision by Japanese-invested Bai Chi Gan Tou Digital Entertainment Company last month to drop a plan to spend about NT$5 billion (US$159 million) on a stake of 25.17 percent in the gaming developer, the first-ever default on a tender offer settlement in Taiwan. As a result, shares in XPEC fell precipitously, burning many small shareholders.

Last week, prosecutors raided several offices and questioned key executives in the case. They ended up with releasing Hsu on bail of NT$10 million (US$318,900), but prosecutors appealed against the ruling, saying the company chairman was a defendant in a serious case and posed a flight risk.

The appeal led to judges doubling bail for Hsu to NT$20 million instead of keeping him in detention.    [FULL  STORY]