Former Chairman of Garden Innovation Hsu Yi-ming Searched and Detained Over NT$155 Million Embezzlement

On June 27, 2023, the Taipei District Prosecutors Office of the Republic of China directed a major raid by the Investigation Bureau, questioning Hsu Yi-ming, former chairman of the listed company Garden Innovation, and his wife, Li Pei-yi. Investigators discovered that between 2014 and 2016, during the development of the 'Shenqu Village' resort in Hsinchu County, Hsu allegedly ordered the company to pay land funds using forged invoices despite knowing that construction permits had not been obtained. The NT$155 million in public funds was funneled through private and relative accounts to pay off his personal mortgages and debts. Following the interrogation, prosecutors requested the detention of Hsu on charges of major breach of trust under the Securities and Exchange Act and risk of collusion. The court approved the detention, while his wife was released on NT$500,000 bail. The case exposed Hsu's history of using fake development projects to hollow out corporate assets.