Reported 8 months ago
During a financial crisis period, Taiwan Land Development Corporation allegedly borrowed over 200 million NT dollars from private sources and disguised the debt as 'real estate transactions', suspected of falsifying transaction records and violating the Securities and Exchange Act. The Taipei District Prosecutors Office initiated a search and summoned former chairman Chiu Fu-sheng and 6 others for questioning. Chiu Fu-sheng, who was originally supposed to post bail of 1.5 million NT dollars, was unable to raise the money and hence was released with restrictions on residence and travel. The company has been facing financial difficulties, with its stock price plummeting due to numerous bounced checks totaling over 400 million NT dollars.
Source: YAHOO