The former chairman of a delisted Taiwanese company has been accused of using sham transactions to move company money into his own pocket — bad news for minority shareholders, but a sign that prosecutors are still pursuing old cases.

• Wang Li-hung, former chairman of Chun Tai International, has been indicted by the Taipei District Prosecutors Office on charges of non-arm's-length transactions and aggravated breach of trust under the Securities and Exchange Act.
• He is accused of directing the company to buy a 60% stake in a car rental firm for NT$8.7 million, when the entire company was in fact worth only NT$1.1 million.
• The money ultimately ended up in his own pocket, and he also used the equity stake held by the company to offset his personal debts.
• The company's total losses came to nearly NT$8.94 million, more than double its entire consolidated revenue for that year.
• Chun Tai was formerly Yoko International, a listed surveillance equipment maker, which was delisted in 2021 after a prolonged suspension of trading.

Outlook: The case now goes to trial, and prosecutors have also applied for confiscation of the criminal proceeds, but with the company already delisted, shareholders have little chance of recovering their losses.