On June 17, a Taipei judge sentenced seven individuals to prison following their convictions for corporate fraud, including Huang Wen-lieh, the former chair of Pharmally International Holding Company Limited, who received a 25-year sentence. He was also fined NT$2 million (approximately US$62,000) after being found guilty of defrauding capital markets of over NT$20.1 billion through stock price manipulation in collaboration with others.
The Taipei District Court’s verdict revealed that Huang partnered with Chinese businessman Wang Mingliang to prepare false financial statements, allowing them to create shares that were subsequently sold to the public to secure bank loans. Wang is currently wanted by Taiwanese authorities.
The court also determined that the proceeds from these fraudulent activities were funneled to overseas accounts, complicating investigation efforts. Huang fled Taiwan amid the ongoing probe but was arrested in Thailand in June 2023 and has remained in custody since.
In addition to Huang’s sentence, former Kuomintang legislator Wu Kuang-hsun received eight and a half years for his role in manipulating stock prices. Chen Yu-lien, director of the beverage manufacturer Sanyo Whisbih Group, was sentenced to nine years, while her brother Chen Ho-shun was given eight years. Chen Min-lang, also a former Pharmally chair, received seven and a half years. Two accountants, Shih Ching-pin and Chiang Ming-nan, were sentenced to two and a half years each for producing falsified financial reports for the company.