Prosecutors questioned several China Metal Products Group (勤美建設) and Prince Housing and Development Corp (太子建設) employees yesterday, saying they suspected management at the two publicly traded companies had siphoned off billions of NT dollars through the purchase of the Splendor Hotel Taichung’s (日華金典酒店) non-performing loans (NPLs).
Prosecutors requested the detention of four members of China Metal Products staff, including company chairman and founder Ho Ming-shiann (何明憲) in connection with allegations.
Several Prince Housing and Development staff were released or made bail yesterday, including chairman Chuang Nan-tien (莊南田), who cited health reasons and made NT$10 million (US$300,000) bail.
On Tuesday Special Investigation Panel (SIP) prosecutors launched simultaneous raids on more than 50 locations across the country and brought 21 China Metal Products and Prince Housing and Development employees to the Tainan District Prosecutors Office for questioning.
No banks were involved in the disposal of NPLs, prosecutors said.
Tainan District Prosecutors’ Office spokeswoman Lee Ching-wen (李靜文) said management at China Metal Products had allegedly purchased plots of land in Taichung City that they later sold at high prices to dummy accounts to falsify financial records.
Prosecutors also suspect management at the companies of insider trading, breach of trust and forgery.
Lee said company lawyer Twu Ching-shu (?? was believed to be the main figure behind the alleged wrongdoings. After prosecutors received word that Twu was planning to flee the country, they moved to capture him.
“Prosecutors arrived just as Twu, holding a fake passport, was about to try to leave the country,” Lee said.
The Mainland Affairs Council (MAC) on Friday condemned Chinese and Russian authorities for escalating regional tensions, citing Chinese warplanes crossing the Taiwan Strait’s median line and joint China-Russia military activities breaching South Korea’s air defense identification zone (KADIZ) over the past two days. A total of 30 Chinese warplanes crossed the median line of the Taiwan Strait on Thursday and Friday, entering Taiwan’s northern and southwestern airspace in coordination with 15 naval vessels and three high-altitude balloons, the MAC said in a statement. The Chinese military also carried out another “joint combat readiness patrol” targeting Taiwan on Thursday evening, the MAC said. On
The Mainland Affairs Council (MAC) yesterday confirmed that Chinese students visiting Taiwan at the invitation of the Ma Ying-jeou Foundation were almost all affiliated with the Chinese Communist Party (CCP). During yesterday’s meeting convened by the legislature’s Foreign Affairs and National Defense Committee, Democratic Progressive Party (DPP) Legislator Michelle Lin (林楚茵) asked whether the visit was a way to spread China’s so-called “united front” rhetoric, to which MAC Deputy Ministry Shen You-chung (沈有忠) responded with the CCP comment. The MAC noticed that the Chinese individuals visiting Taiwan, including those in sports, education, or religion, have had increasingly impressive backgrounds, demonstrating that the
MILITARY EXERCISES: China is expected to conduct more drills in the region after President William Lai’s office announced he would stopover in Hawaii and Guam China is likely to launch military drills in the coming days near Taiwan, using President William Lai’s (賴清德) upcoming trip to the Pacific and scheduled US transit as a pretext, regional security officials said. Lai is to begin a visit to Taipei’s three diplomatic allies in the Pacific on Saturday, and sources told Reuters he was planning stops in Hawaii and the US territory of Guam in a sensitive trip shortly after the US presidential election. Lai’s office has yet to confirm details of what are officially “stop-overs” in the US, but is expected to do so shortly before he departs, sources
Tasa Meng Corp (采盟), which runs Taiwan Duty Free, could be fined up to NT$1 million (US$30,737) after the owner and employees took center stage in a photograph with government officials and the returning Premier12 baseball champions at Taiwan Taoyuan International Airport on Monday evening. When Taiwan’s national baseball team arrived home fresh from their World Baseball Softball Confederation Premier12 championship victory in Tokyo, Vice President Hsiao Bi-khim (蕭美琴) was at the airport with Chinese Professional Baseball League commissioner Tsai Chi-chang (蔡其昌) to welcome back the team. However, after Hsiao and Tsai took a photograph with the team, Tasa Meng chairwoman Ku
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