Reported 11 months ago
Former Chairman of Taiwan Kai Co., Qiu Fusheng, was investigated by prosecutors for suspected financial irregularities and was ordered to post bail of 1.5 million, with restrictions on travel and electronic monitoring. However, after waiting for 4 hours with no family or friends willing to help with bail, prosecutors changed to ordered restricted residence, travel, and electronic monitoring. Other former executives also posted bail, while one was released as a witness. The investigation stems from alleged financial improprieties related to filling a funding gap by misleadingly recording loans as real estate transactions in the company's 2021 financial statements due to poor financial conditions in 2020. The investigation is ongoing under the direction of the Taipei District Prosecutors Office's Black Money Division.
Source: YAHOO