Taiwanese tycoon jailed for part in 13m pounds scandal
Friday 09 October 1992
A Taipei District Court judge said Oung Ta-ming, 42, breached the trust of shareholders in his Hualon conglomerate by selling 5 million shares of Kuo Hua Life Insurance at one-fifth their price for profit.
Oung's brother, Yi-ming, and four other people also were convicted in the pounds 13m scandal and sentenced to prison terms ranging from one year to 18 months.
None of them was in court for the brief sentencing session. All have 10 days to file an appeal.
Oung Ta-ming suffered what was believed to be a stroke while in jail last month. He was released on bail of pounds 135,000 last week to await the verdict in the case.
Oung Ta-ming, whose family is one of the richest in Taiwan, and another brother, You-ming, were charged last year with breach of trust and forgery of documents for selling the stocks to Flora Chen, daughter of the then communications minister, Clement Chang, and You Hsien-teh, a professor at Tamkang University, Taipei.
Mr Chang and Professor You have denied wrongdoing.
You-ming was released on bail of pounds 23,500 but jumped bail and is now in business in Malaysia, according to local newspapers.
Oung Ta-ming was accused of selling the stocks at a cut-rate price as a favour to Mr Chang, who resigned last year to take moral responsibility for the case. No charges were filed against Mr Chang.
The scandal focused attention on Oung Ta-ming's alleged manipulation of Taiwan's stock market and his influence over politicians.
Known as 'Big Hand' in the Taiwan stock market, Oung is alleged to have manipulated share prices for profit.
Traders said he and his associates sometimes controlled daily transactions of about pounds 235m, or almost one-third of the market's turnover.
Several politicians have been accused of obtaining campaign funds for a legislative election scheduled in December by purchasing stocks that Oung allegedly recommended and then manipulated to bring them huge profits.
Taiwan's influential business magazine Excellence named the Oungs as the island's eighth-richest family last year, with wealth estimated at pounds 57m.
Their wealth includes large land holdings and interests in textiles, securities and electronics.
Judicial authorities will now ask the prosecutor's office to investigate the roles of Mr Chang and Professor You.
- 1 Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
- 2 Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
- 3 Scottish referendum 'English question': Tory MPs call on David Cameron to create an English first minister in wake of No vote
- 4 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Archbishop of Canterbury admits doubts about existence of God
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...