揚華科技之非常規交易及利益輸送

Non Arm's Length Tran sa ctions and Transfer of Benefits The Case of Yang Hua Technology

本個案為真實事件之管理層級的圖書館個案，藉於2015年6月16日揚華科技被檢調搜索後，爆發震撼資本市場之數十家公司間假交易案，揚華科技利用假發票、虛設人頭公司，製造虛假交易來美化財報，宛如重現電影＜華爾街之狼＞情節般的股市騙局，還隱匿具有控制權的大股東因花費鉅資借殼入主揚華科技後，造成其實質控制公司（鴻測科技）營運資金週轉不及，於是利用中古機台設備交易案，利益輸送數千萬元資金至鴻測科技。

此中古機台設備交易案，不論自交易決策之形成程序與交易條件，均屬不利益且不合營業常規。揚華科技股價自2015年6月5日至8月19日停止交易為止，跌幅95.4%，受害股東超過8千名，具有控制權的大股東利用非常規交易進行利益輸送，不但侵害公司與股東權益，也嚴重危害資本市場發展。

 

This case is a primary research based on a real event at the management level. On June 16, 2015, Yang Hua Technology was being searched by prosecutors. The false trading among dozens of companies had thereby been disclosed and shocked the stock market. Since then, Yang Hua Technology used false invoices and dummy accounts to create false trading for the purpose of manipulating financial statements, turning stock market fraud scenarios of the movie The Wolf of Wall Street into reality. Moreover, Yang Hua Technology had concealed the fact that the major shareholder of its actual controlling company (Hongce Technology) had spent an enormous amount of money on taking over Yang Hua Technology, resulting in insufficient working capital in Hongce Technology. To be able to dissemble the truth, Yang Hua had utilized the transactions of aging equipment so as to transfer tens of millions of funds back to Hongce.

The aging equipment transactions between the two companies are regarded as non-arm’s-length transactions, whether in the decision-making process or requirements-fulfilling process. From June 5 to August 19, the point of trading suspension in 2015, the share price of Yang Hua had dramatically fallen by 95.4%, and more than 8,000 shareholders were affected. The non-arm’s-length transactions dominated by shareholders with management power not only infringed upon the interests of the company itself and other minority shareholders, but also seriously threatened the development of the capital market.