TAIPEI: The head of Tatung Company, a leading Taiwanese home appliance maker, has been indicted on embezzlement charges and could face 20 years in jail, prosecutors said Saturday.
Lin Wei-shan, 65, allegedly siphoned off more than Tw$1 billion ($33 million) from the company to make up for the losses of a separate firm he personally invested in, prosecutors said.
In a statement published in major newspapers, Tatung denied the charge, saying that Lin "was framed", but did not elaborate further.
Established in 1918, Taiwan-listed Tatung is one of the island's most recognisable brands and runs manufacturing plants in China, Southeast Asia, Europe and North America.
It also has investment interests in flat panel, green energy, the real estate and education.
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