Reported 8 months ago
Taiwan Land Development Co., Ltd. is accused of falsifying real estate transaction records during a financial crisis to conceal borrowing over NT$200 million from private lenders. Former Tai Hwai chairman Qiu Fusheng, former vice president Zheng Qili, and others were searched and summoned by the Taipei City Investigation Bureau. Qiu was released on bail and restricted from leaving the country. The company, established in 1964, faced financial issues in 2020 and was delisted from the stock exchange. The probe revealed the company borrowed funds and disguised them as real estate transactions to inflate its financial reports in 2021, leading to suspicions of violating securities laws regarding false financial statements.
Source: YAHOO