TAIPEI (Taiwan News) – The ex-chairman of one of Taiwan’s most prominent brand names, Tatung (大同), will have to serve eight years in prison and pay a fine of NT$300 million (US$9.48 million) for embezzlement following a ruling by the Supreme Court Wednesday (May 29).
The company, which last year marked its 100th anniversary, is known for producing home appliances, which range from rice cookers to television sets and electric fans. Some of its other ventures, such as display maker Chunghwa Picture Tubes (華映), have recently hit hard times.
Lin Wei-shan (林蔚山), 73, was sentenced to eight years in jail and a fine by the Taiwan High Court as far back as 2014 for diverting funds totaling NT$2 billion from Tatung to pay off a loan from a female friend’s company in which he had invested personally.
The tycoon filed an appeal against the High Court sentence with the Supreme Court, which rejected it Wednesday.
Since no further appeals were possible, the authorities said they would take the necessary measures to prevent Lin from leaving the country. In past cases, business people sentenced to jail have sometimes succeeded in fleeing Taiwan, mostly for China, but also to the United States or Canada.