Taiwan News
Date: 2016-06-08
By: Matthew Strong, Taiwan News, Staff Writer

TAIPEI (Taiwan News) – Prosecutors searched the headquarters of CTBC Financial Holding Co., Ltd. Wednesday as part of an investigation into three cases, including the overseas move of its funds into reportedly private accounts.

CTBC is one of Taiwan’s most powerful financial groups, founded by the influential Koo family. The company issued a statement denying any violations.

More than 400 investigators on Wednesday reportedly raided as many as 58 homes and offices, including the headquarters of several companies, and were reportedly questioning 94 suspects and witnesses, including Jeffrey Koo, Jr., the son of CTBC’s founder, as well as Lee Wen-tsao, who founded Chong Hong Construction Co., Ltd. in 1975, and Gobo Group President Chu Guo-rong.

At the base of the investigation was the sale of a plot of land in Taipei City’s Neihu District by Chong Hong to CTBC for NT$5.14 billion (US$159.6 million) with the construction of an office block which could house its IT operations as the latter’s intention.     [FULL  STORY]