NPP accuses FSC of helping Ching Fu

UNSTABLE CONDITIONS: Party chair Huang Kuo-chang said the shipbuilder in January faced a liquidity shortage and obtained financing with help of the financial watchdog

Taipei Times
Date: Dec 08, 2017
By: Peng Wan-hsin, Wang Meng-lun and Jonathan Chin  /  Staff reporter, with staff writer

New Power Party Executive Chairman Huang Kuo-chang (黃國昌) yesterday said that

New Power Party Executive Chairman Huang Kuo-chang yesterday presents financial data regarding Ching Fu Shipbuilding Co’s credit conditions at a news conference in Taipei.  Photo: Chu Pei-hsiung, Taipei Times

former Financial Supervisory Commission (FSC) chairman Lee Ruey-tsang (李瑞倉) colluded with Ching Fu Shipbuilding Co to help the shipbuilder skirt its obligations to creditors.

When in office, Lee pressured First Commercial Bank — Ching Fu’s chief creditor — to alter the shipbuilder’s credit conditions, Huang told a news conference in Taipei.

The Taipei District Prosecutors’ Office should open an investigation of Lee and other FSC officials for possible malfeasance “with the greatest possible urgency,” he said.

Lee denied the allegations.    [FULL  STORY]

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