Taiwan’s Formosa TV board member accuses new chairwoman of embezzlement

Latest turn of events in power struggle surrounding ousting of FTV Chairman George P. Kuo last March

FTV headquarters in Taipei.

FTV headquarters in Taipei. (CNA photo)

TAIPEI (Taiwan News) – The power struggle at Formosa Television (FTV) took another turn Thursday (May 9) when board member Chen Ting-ting (陳廷鼎) accused new company chairwoman Wang Ming-yu (王明玉) of having embezzled NT$1.1 billion (US$35.5 million) over the past decade.

The rivalry within the company broke into the open in March when Chairman George P. Kuo (郭倍宏) was ousted over allegations of profligate spending on political talk shows and of using company funds to finance outside political activities.

In April, General Manager Wang was elected to succeed Kuo, but on Thursday, board member Chen held a news conference accusing her and at least seven of her relatives and confidants of having diverted NT$1.1 billion into the accounts of a company they ran. The events date back to the period from 2009 to 2017, Chen alleged.

The chairman of FTV at the time, Tien Tsai-ting (田再庭), was unaware of what had happened and had not heard about Wang’s relatives’ company until prosecutors questioned him, according to Chen. Tien accompanied the board member at his news conference, Storm Media reported.

He alleged that at least one other loan from FTV to another company had been signed off by Wang without any repayments ever being made.

One of the key allegations against Kuo which led to his removal was that he had embezzled NT$500 million, but the sum later turned up inside FTV accounts, proving that the real embezzlers were Wang and her entourage, Chen alleged Thursday.