Shipbuilder’s top executives released on bail in loan fraud case

Focus Taiwan
Date: 2017/08/10
By: Chang Che-fong, Tsai Yi-chu and Y.F. Low

Taipei, Aug. 10 (CNA) Three top executives from Ching Fu Shipbuilding Co. (CFS), the largest private shipbuilder in Taiwan, were released on bail Thursday after being questioned by prosecutors overnight in an alleged loan fraud case linked to a contract to build minesweepers for the Republic of China Navy.

CFS Chairman Chen Ching-nan (陳慶南) was freed after paying bail of NT$8 million, while his son Chen Wei-chih (陳偉志) and wife Chen Lu Chao-hsia (陳盧昭霞), who served as the company’s vice chairman and director, respectively, were released after paying NT$5 million and NT$500,000, according to a statement issued by the Kaohsiung District Prosecutors Office.

An investigation by prosecutors found that the alleged fraud occurred when CFS was trying to obtain a NT$20.5 billion syndicated loan from a group of nine domestic lenders led by First Bank, after winning a NT$35.29 billion contract in October 2014 to build six minesweepers for the Navy.    [FULL  STORY]

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