The founder and former chairman of Cosmos Bank, Hsu Sheng-fa (
Taipei District Prosecutors' Office spokesman Lin Jinn-tsun (
Prosecutors were seeking to determine whether the pair had violated the Banking Act (
RAIDS
On Friday afternoon, more than 100 Taipei prosecutors and Ministry of Justice Investigation Bureau (MJIB) agents raided the headquarters of Auto 21, a vehicle sales company run by Hsu Sheng-fa and his son, as well as their offices and residences.
Lin said investigators had seized a number of documents.
Prosecutors on Friday afternoon also summoned nine officials from Auto 21 for questioning, but released them without bail early yesterday morning.
LOANS
Prosecutors believe that between 2001 and 2006, the Hsus used more than 10 Auto 21 subsidiaries to apply for loans from the bank, and that under their direction the bank illegally granted the loans, believed to be valued at about NT$800 million (US$24.7 million).
Between 2004 and 2005, the pair allegedly used several plots of land as collateral for loans of more than NT$2 billion from the bank, which granted the loans despite the fact that the real value of the plots was much lower than indicated, prosecutors said.
In addition, in 2004 the Hsus allegedly sold NT$15 billion in non-performing loans to Asset Management Company, a subsidiary of Auto 21, for NT$1 billion -- far less than normal practice, prosecutors said, adding that the company had only paid the bank NT$30 million.
An apartment building in New Taipei City’s Sanchong District (三重) collapsed last night after a nearby construction project earlier in the day allegedly caused it to tilt. Shortly after work began at 9am on an ongoing excavation of a construction site on Liuzhang Street (六張街), two neighboring apartment buildings tilted and cracked, leading to exterior tiles peeling off, city officials said. The fire department then dispatched personnel to help evacuate 22 residents from nine households. After the incident, the city government first filled the building at No. 190, which appeared to be more badly affected, with water to stabilize the
Taiwan plans to cull as many as 120,000 invasive green iguanas this year to curb the species’ impact on local farmers, the Ministry of Agriculture said. Chiu Kuo-hao (邱國皓), a section chief in the ministry’s Forestry and Nature Conservation Agency, on Sunday said that green iguanas have been recorded across southern Taiwan and as far north as Taichung. Although there is no reliable data on the species’ total population in the country, it has been estimated to be about 200,000, he said. Chiu said about 70,000 iguanas were culled last year, including about 45,000 in Pingtung County, 12,000 in Tainan, 9,900 in
DEEPER REVIEW: After receiving 19 hospital reports of suspected food poisoning, the Taipei Department of Health applied for an epidemiological investigation A buffet restaurant in Taipei’s Xinyi District (信義) is to be fined NT$3 million (US$91,233) after it remained opened despite an order to suspend operations following reports that 32 people had been treated for suspected food poisoning, the Taipei Department of Health said yesterday. The health department said it on Tuesday received reports from hospitals of people who had suspected food poisoning symptoms, including nausea, vomiting, stomach pain and diarrhea, after they ate at an INPARADISE (饗饗) branch in Breeze Xinyi on Sunday and Monday. As more than six people who ate at the restaurant sought medical treatment, the department ordered the
ALLEGED SABOTAGE: The damage inflicted by the vessel did not affect connection, as data were immediately rerouted to other cables, Chunghwa Telecom said Taiwan suspects that a Chinese-owned cargo vessel damaged an undersea cable near its northeastern coast on Friday, in an alleged act of sabotage that highlights the vulnerabilities of Taipei’s offshore communications infrastructure. The ship is owned by a Hong Kong-registered company whose director is Chinese, the Financial Times reported on Sunday. An unidentified Taiwanese official cited in the report described the case as sabotage. The incident followed another Chinese vessel’s suspected involvement in the breakages of data cables in the Baltic Sea in November last year. While fishing trawlers are known to sometimes damage such equipment, nation states have also
RSS