Business magnate brothers probed for alleged financial crimes

Focus Taiwan
Date: 2015/06/19
By: Liu Shih-yi and Ted Chen

Taipei, June 19 (CNA) The Taipei District Prosecutors Office on Friday announced that brothers Lin

Lin Hong-dow (林鴻道), center.

Lin Hong-dow (林鴻道), center.

Hong-dow (林鴻道) and Harace Lin (林鴻明), key members of their family-owned Hung Kuo Group (宏國關係企業), are under investigation for a series of financial crimes dating back more than a decade.

The younger Lin Hong-daw, president of the Chinese Taipei Olympic Committee, was questioned Thursday night in suspected embezzlement cases and released on bail of NT$20 million (US$650,000) early Friday morning.

The elder Harace Lin, the former chairman of Taipei 101 operator Taipei Financial Center Corp., was questioned by prosecutors for his involvement in the same cases and released on bail of NT$5 million on Wednesday.

The Lin brothers are accused of embezzling funds about a decade ago, causing losses of about NT$2.4 billion for China United Trust & Investment Co. (中聯信託), a small financial services company previously affiliated with the Hung Kuo Group.      [FULL  STORY]

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