NEW YORK (AP) - Semiconductor testing and assembly services company ChipMOS Technologies (Bermuda) has said that the Taipei District Court found its CEO and chairman, Shih-Jye Cheng, not guilty for the first instance of misusing corporate funds.

In December 2005, Cheng was indicted by the Taipei District Prosecutor's Office for allegedly buying $29 million worth of repurchase notes from Founder Associates Ltd. with corporate funds from ChipMOS Technologies Inc.

ChipMOS Technologies is a subsidiary of ChipMOS (ChipMOS Taiwan) and ThaiLin Semiconductor Corp.