TAIPEI (Taiwan News) — Former SinoPac Financial Holdings Co. (永豐金控) Chairman Ho Shou-chuan (何壽川) was sentenced to eight years and six months in prison for illegal loans Friday (Nov. 20), but his attorney immediately announced they would file an appeal.

Ho was once one of the country’s most prominent businesspeople, belonging to the family which ran leading paper manufacturer Yuen Foong Yu.

The Taipei District Court found Ho guilty Friday of a special breach of trust related to loans he extended to a company run by a relative of his wife, CNA reported. Since there was insufficient collateral, the transaction was regarded by prosecutors as a violation of legislation regarding deals between interested parties.

The deals, conducted through a network of affiliated companies, reportedly netted Ho an estimated NT$340 million (US$12 million) in illegal profits. The tycoon was briefly detained in 2017 when the allegations surfaced, then released on NT$400 million bail.

After the announcement of the verdict Friday, an attorney for Ho disputed the charges, telling media he would file an appeal.