Polaris Securities Co (寶來證券) chairman Wayne Pai (白文正) was released yesterday on NT$20 million (US$650,000) bail by Taipei prosecutors investigating alleged embezzlement at the company. Pai was summoned for questioning yesterday afternoon and was released at about 8pm. Pai and some employees are suspected of pocketing several hundred million dollars by selling shares of Polaris International Securities Investment Trust Co (寶來投信) to Polaris Securities in 2004, at a price of NT$69 per share.
Prosecutors suspect the 2004 deal closed at about NT$900 million (US$29 million) with NT$500 million out of that amount going to Pai, his relatives and other company executives.
The Coast Guard Administration (CGA) and Chunghwa Telecom yesterday confirmed that an international undersea cable near Keelung Harbor had been cut by a Chinese ship, the Shunxin-39, a freighter registered in Cameroon. Chunghwa Telecom said the cable had its own backup equipment, and the incident would not affect telecommunications within Taiwan. The CGA said it dispatched a ship under its first fleet after receiving word of the incident and located the Shunxin-39 7 nautical miles (13km) north of Yehliu (野柳) at about 4:40pm on Friday. The CGA demanded that the Shunxin-39 return to seas closer to Keelung Harbor for investigation over the
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
EARTHQUAKE: Taipei and New Taipei City accused a construction company of ignoring the Circular MRT’s original design, causing sections to shift by up to 92cm The Taipei and New Taipei City governments yesterday said they would seek NT$1.93 billion (US$58.6 million) in compensation from the company responsible for building the Circular MRT Line, following damage sustained during an earthquake in April last year that had shuttered a section for months. BES Engineering Corp, a listed company under Core Pacific Group, was accused of ignoring the original design when constructing the MRT line, resulting in negative shear strength resistance and causing sections of the rail line between Jhonghe (中和) and Banciao (板橋) districts to shift by up to 92cm during the April 3 earthquake. The pot bearings on
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
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