UMC chair found not guilty
Taiwan News, Staff Writer
Page 2
2009-01-01 09:25 PM
Former United Microelectronics Corporation chairman Robert Tsao and former vice chairman John Hsuan were found not guilty by the Taiwan High Court yesterday of illegal investments in a Chinese company.

UMC is the second-biggest contract chipmaker in the world, behind Taiwan Semiconductor Manufacturing Company.

The court rejected the prosecutors' appeal against a Hsinchu District Court not-guilty verdict because it said they had not provided sufficient evidence that the two managers invested UMC funds in China's He Jian Technology (Suzhou) Co. without consulting shareholders. The investigators also failed to come up with any estimates of losses caused to UMC by the deals, the High Court said.

Tsao resigned from the position of UMC chairman and received the title of honorary chairman after being indicted in 2006 for breach of trust and for violating the Business Accounting Act. The prosecutors can still appeal in the second case, but the not-guilty ruling for breach of trust is final, reports said yesterday.

Previous governments also accused Tsao of cooperating with the Chinese technology company without applying for government approval. Taiwan has restricted involvement by its high-tech firms with counterparts from its communist rival.

Tsao and Hsuan argued that UMC only provided technical assistance to He Jian, and did not invest money.

Tsao is one of Taiwan's most prominent and also most outspoken businessmen. During the administration of President Chen Shui-bian, he criticized the government several times for failing to improve relations with China.

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