HOODWINKED: By allegedly falsifying the accounts, the owners had been able to secure NT$8.2bn of loans on which they defaulted when they fled to Hong Kong

Taipei Times
Date: Oct 16, 2019
By: Jason Pan  /  Staff reporter

Seven people have been detained after executives at Taipei-based New Site Industries Inc (NSI 潤寅實業) allegedly used fraudulent means to obtain and default on NT$8.2 billion (US$267.2 million) of loans from 14 banks.

Taipei prosecutors yesterday said that Huang Cheng-hsi (黃呈熹), a former judge hired by NSI as a lawyer, was released on NT$1 million bail after allegedly instructing NSI executives to shred transaction records and other company documents in an attempt to derail the investigation into the bank loans.

The leading figures in the case, NSI’s owners, husband and wife Yang Wen-hu (楊文虎) and Wang Ying (王音), fled the nation in June, prosecutors said.

Others listed as suspects in the case and detained include Lin Yi-ju (林奕如), personal secretary to the owners, NSI financial executive Chang Li-fang (張力方), NSI chief accountant Chuang Su-fen (莊淑芬), NSI director Yang Wen-hai (楊文海) and two executives of other companies who allegedly helped to produce bogus transaction records to obtain the loans, they said.
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