Reported 8 months ago
On June 24, 2024, former Chairman Qiu Fusheng and others of Taiwan Land Development Company were suspected of concealing a 2 billion loan from the public under the guise of real estate transactions, violating securities laws by falsifying financial reports. Prosecutors led searches in six locations and summoned a total of 6 individuals, including Qiu Fusheng, for questioning. The investigation revealed that during 2020 and 2021, Qiu Fusheng and others borrowed over 2 billion from the public when the company faced financial gaps but did not record it accurately, using real estate transactions as a cover, resulting in violations of securities laws. The case is focused on charges of financial report falsification. These events came amidst a tumultuous period for Taiwan Land Development Company in 2020 and 2021, including stock price plunges and the subsequent delisting in 2022.
Source: YAHOO