Hsu Yi-ming and Wife Indicted for Breach of Trust in NT$155 Million Garden Innovation Embezzlement Case

On August 22, 2023, the Taipei District Prosecutors Office of the Republic of China concluded its investigation into Hsu Yi-ming, former chairman of the listed company Garden Innovation. The prosecutors formally indicted Hsu and his wife, Li Pei-yi, on charges including special breach of trust, non-routine transactions, and financial statement misrepresentations under the Securities and Exchange Act, as well as forgery under the Criminal Code. They requested the court to confiscate NT$155 million in illegal gains. The prosecution stated that Hsu fabricated transactions in the Zhudong resort development project to embezzle company funds for personal debt clearance, leading to the company's financial crisis and delisting in 2017. This severely damaged the interests of shareholders.