Reported 8 months ago
Former media mogul Qiu Fusheng was detained by the Taipei District Prosecutors Office for suspected false financial reporting during his time as chairman of Taiwan Land Development Corporation. Qiu was ordered to pay bail of 1.5 million yuan and was put under various restrictions, including electronic monitoring. Surprisingly, Qiu, once a prominent figure, couldn't pay the bail and left the prosecutor's office alone after 4 hours without meeting the bail conditions. Other individuals involved in the case were able to pay bail amounts ranging from 20,000 to 50,000 yuan. The investigation is focusing on violations of the Securities and Exchange Act related to false financial reporting. Qiu, who previously founded Era Group and served as TVBS chairman, has faced financial controversies before, including selling most of his Era Group shares in 2005 due to embezzlement and shifting focus to managing Taiwan Land Development Corporation.
Source: YAHOO