Chung-Hsin Electric and Machinery Manufacturing Corp (CHEM, 中興電工) chairman Chiang Yi-fu (江義福) was yesterday sentenced to six years in prison for fraud in connection to procurement contracts for the domestically developed CM-32 Clouded Leopard armored vehicle.
The Taichung District Court ruled that Chiang and other executives at the firm had breached the Securities and Exchange Act (證券交易法) and that the firm had made about NT$2.1 billion (US$75.2 million) in illicit profit from the procurement deal.
CHEM general manager Kuo Hui-chuan (郭慧娟) was sentenced to a suspended jail term of two years, while deputy general manager Lee Liang-chang (李良章) was sentenced to four
Taipei, Oct. 20 (CNA) Taiwan Taichung District Court sentenced the chairman, president, vice president and other officials from Chung-Hsin Electric and Machinery Manufacturing Corp. (CHEM), a contractor for the domestically produced CM-32 "Clouded Leopard" armored vehicle project, to jail terms ranging from six months to six and a half years Wednesday.
Cigu solar farm joins nation's electricity gird taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.