TAIPEI - Taiwan's former leader Chen Shui-bian on Thursday received a new 18-year prison term for the conviction of taking bribes in bank mergers.

Chen was also fined 180 million New Taiwan dollars and stripped of his civil rights for nine years. His wife Wu Shu-jen was sentenced to 11 years and fined 102 million New Taiwan dollars in the same case and stripped of her civil rights for eight years.

Chen and his wife have the option of appealing the latest verdict.

Taiwan's high court on Thursday overturned the earlier ruling made by a district court.

In December 2009, Chen and his wife were indicted for accepting bribes and money laundering of more than 600 million New Taiwan dollars from certain banks during the process of bank mergers.

Last November, the Taipei district court cleared Chen and his wife of the bribery-taking charges, saying that bank mergers do not fall under the scope of Chen's responsibility.

After the first ruling, prosecutors appealed the case to the high court on November 25, 2010.