Just a few days before the Lunar Holiday period begins, the chairman Lin Wei-shan of Tatung Company, one of Taiwan’s leading home appliance makers, was questioned by prosecutors and investigators for the alleged embezzlement of NT$1 billion (USD 35 M) in company’s assets. According to Banqiao District Prosecutors Office, Lin allegedly embezzled more than NT$1 billion from Tatung in order to pay for a loan owed by another company he founded that was running in debt. After paying the debt owed by the company with the money, Lin promptly disbanded the company in question, a move that had violated the Securities and Exchange Act.
The news will definitely hurt the company stock once the trading begins after the holiday period ends.
