NO COLLATERAL:Ho Shou-chuan allegedly extended loans to a company run by a relative of his wife through a complex network of business ties. He was released on bail last night
Date: Aug 18, 2017
By: Jake Chung / Staff writer, with CNA
The Taipei City District Prosecutors’ Office yesterday indicted former SinoPac
Financial Holdings Co (永豐金控) chairman Ho Shou-chuan (何壽川) and 18 others for contravening the Securities Exchange Act (證券交易法) and the Banking Act (銀行法).
Ho allegedly extended loans to Sun Power Development and Construction Co (三寶建設), run by a relative of his wife, Chang Hsing-ju (張杏如), without sufficient collateral, violating the limitations on transactions between interested parties as stated under the act, prosecutors said.
Prosecutors are asking for a 12-year sentence for Ho, as well as a fine of NT$360 million (US$11.88 million) and the confiscation of the US$12 million in alleged illegal profits.
Ho, who had been detained since the middle of June along with three other suspects on grounds they might collude with each other on their testimony or destroy vital evidence, was ordered released on bail last night by Judge Chou Yu-chi (周玉綺), even though prosecutors had applied to have all four’s detention periods extended. [FULL STORY]