Date: Apr 25, 2016
By: Su Fang-ho and Jonathan Chin / Staff reporter, with staff writer
The Ministry of Justice “abetted the escape” of Tseng Chao-jung (曾昭榮), who
was indicted for allegedly scamming NT$12.2 billion (US$377.4 million at current exchange rates) from investors, by setting his bail at NT$1 million, Democratic Progressive Party Legislator Karen Yu (余宛如) said yesterday.
Yu, accompanied at a news conference in Taipei by a dozen investors who said they had been defrauded by Tseng’s “cabal of con artists,” characterized the ministry’s handling of the case as a “dereliction of duty” and accused the government of leaving the victims “high and dry.”
From 2011 to 2014, Tseng and his cohorts allegedly sold through his corporations Tebao Co (德寶公司) and Shuanying Co (雙盈公司) what he claimed were unlisted shares of Eslite Spectrum Corp (誠品生活) and Taiwan Taxi Co (台灣大車隊) to more than 3,000 people for a total of NT$12.2 billion, Yu said.
Yu said that the Taipei District Prosecutors’ Office wrongfully acquiesced to Tseng’s request for bail on Feb. 24, 2014, allowing him to flee and leaving no assets behind with which to compensate victims. [FULL STORY]