Taiwanese lawyer steals US$100M from SanDisk

A Taiwanese lawyer has stolen approximately US$100 million from memory-card maker SanDisk Corp., the company said on Wednesday.

A senior associate at a Taiwanese law firm, Lee and Li Attorneys-at-Law, used a power of attorney to sell around 121 million shares of stock in Taiwanese contract chip maker United Microelectronics Corp. (UMC) owned by SanDisk, the statement said. SanDisk was advised of the theft by the law firm.

The senior associate, who was not named, had pocketed the proceeds from the sale of the stock, which had been held by Lee and Li on SanDisk’s behalf, the statement said.

SanDisk said it has received written assurances from Lee and Li that it will not suffer any financial loss as a result of the theft, the statement said. SanDisk is also seeking to determine whether the company is insured against any portion of the loss, it said.

While SanDisk and Lee and Li are investigating the theft, no indication was given as to whether any of the funds have been recovered or the current status and whereabouts of the senior associate that has been accused of the theft.