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Ex-UMC chief cleared of illegal investment charges

Posted: 31 Oct 2007 ?? ?Print Version ?Bookmark and Share

Keywords:UMC executives? foundry? Robert Tsao?

Robert Tsao, former United Microelectronics Corp. (UMC) chairman, has been cleared by the Hsinchu District Court of charges involving alleged illegal investments in China, according to a report from AFP.

The court also found the foundry's former vice chairman, John Hsuan, and an executive of its subsidiary, Cheng Tun-chien, not guilty.

In a statement issued last week, the court said the charges did not stand since there was no sufficient evidence to prove that the defendants provided Chinese foundry Hejian Technology with UMC manpower, patents and trade secrets or help it raise funds with UMC resources.

The former UMC executives were indicted on Jan. 9, 2006 for breach of trust and violation of accounting rules for their roles in UMC's investment in Hejian. Tsao resigned from his post the same day in a bid to ease its impact on the company.

In March 2005, Taiwan foundry UMC announced it would obtain a 15 percent stake in Hejian valued at around $106 million. The company said it had submitted a letter to Taiwan's Investment Commission seeking for "assistance" in obtaining the Hejian stake but authorities claimed the investment made in 2001 was illicit for failing to get prior approval.

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